As verified by Adam Schrager in a June 16, 9News Truth Test,  Safeway Inc. posted a first quarter profit this year. In fact, Safeway reported total sales at $9.2 billion and a net income of $144.2 million. In this year's Fortune 500, Safeway ranks as the 50th largest corporation with more than 44 million dollars in revenue.  This is five spots up from its previous ranking. Safeway's profitability is directly linked to an increase in consumer visits to grocery stores in this down economy.

While net profits are not equal to 2008's first quarter earnings, Safeway is anticipating an increase in sales through the course of 2009. As reported by Reuters on April 30, Safeway "expects identical-store sales, excluding fuel, to rise 0.5 percent to 1.5 percent this year."

Below is Safeway's first quarter financial information from the SEC:

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