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Safeway Profit Surpasses Estimates as Taxes Decline

Safeway Inc., the fourth-largest U.S. supermarket chain by sales, posted third-quarter profit that topped analysts’ projections as income-tax expenses dropped.

Safeway said today that profit, excluding some items, was 35 cents a share, beating the 31-cent average of estimates compiled by Bloomberg. A drop in Safeway’s tax rate helped add 2 cents in profit. Sales fell less than 1 percent to $9.4 billion.