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It had a strong performance within a downward trend. That seems to be the characterization of Safeway Inc. (SWY), as revealed in the company's recent 2009 Q4 report. Thursday, the company reported a net loss of nearly $1.61 billion, which was in keeping with its own expectations. Through it all, Safeway Chairman, President and CEO, Steve Burd is taking what appears to be a prideful stance on the company's record 2009 free cash flow of $1.5 billion.
What I am seeing here is a company which has taken a firm and responsible hold of its interior financial workings as its field operations remain subject to economic whims and conditions which are largely out of company control. An active share buy back program, which looks to be perfectly timed, has apparently helped to place a respectable floor beneath the company's share price.
Indications are that the lion's share of Safeway's losses are tied to blanket losses in market capitalization. This is certainly no surprise and definitely not the company's fault. Another loss is tied to company acquisitions, which, to me, constitutes forward momentum, a larger footprint, and which should provide future bottom line benefits.
Looking forward, Safeway seems positioned to take full advantage of any meaningful upswing in consumer spending numbers, while having its investors largely hedged in case consumer activity remains sluggish. Analysts appear to be in solid agreement that Safeway is worthy of confidence at the moment.
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