Jefferies Tweaks SWY Estimates

Safeway Inc. SWY reported a solid 1Q, Jefferies reports. The question remains, however, about the current climate as management did not provide a current run rate for same store sales due to comparability issues, which are clearly present,” Jefferies writes. Yet, our data suggests that despite the noise there has been some slowing.” Jefferies is tweaking its estimates slightly, writing, “Our FY11 estimate moves up a penny to $1.67 from $1.66 to reflect the 1Q beat and our outlook for remainder of the year. Our FY12 estimate moves to $1.97 from $1.96.” Safeway closed Thursday at $24.61.