PLEASANTON, Calif. -- Safeway here said last week it anticipates a 1.4% boost in capital spending for the year 2000.
nd complete 250 remodels for square footage growth of 3.5% to 4%.
Its capital plan for this year called for expenditures of $1.2 billion to open 55 to 60 new stores and complete 250 remodels. Through the first half of the year, Safeway said, it spent $425.1 million to open 20 stores and to remodel an unspecified number of units; Safeway said it does not release the number of remodels during the course of a year until the year is over.
Safeway also said last week its five-year annual growth rate for earnings per share could exceed 18%, compared with a projected 15% increase prior to the announcement of its pending acquisition of Randall's Food Markets, Houston. The chain said the accelerated growth could result from incremental increases in same-store sales or additional acquisition growth.
The company said it believes there will be opportunities for additional acquisitions over the next five years.