Business

Market Movers

Safeway Inc. plans Chicago exit

Safeway revenue rose 1 percent to $8.62 billion in the quarter.

Eric Thayer/Reuters/File 2011

Safeway revenue rose 1 percent to $8.62 billion in the quarter.

Advertisement

Grocery chain Safeway Inc. said third-quarter net income fell 58 percent, hurt by a software impairment charge, higher theft, and lower property gains. But shares still rose. The company, which operates 1,406 US stores, also said it’s leaving the Chicago market by early 2014 to focus on more profitable business. It operates 72 Dominick’s stores there that have been losing money. ‘‘These actions will allow us to focus on improving and strengthening our core grocery business,’’ said chief executive Robert Edwards.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.