PLEASANTON, CALIF. — Safeway here said last week it expects ongoing cost reductions to enable it to implement lower pricing during 2009. “The market underestimates Safeway's ability to reduce costs — it believes if we invest in price, then earnings will decline,” Steve Burd, chairman, president and chief executive officer, said at the chain's annual investors conference here. “But that is not the case.” Safeway is projecting earnings per share for 2009 of $2.34 to $2.44 and non-fuel ...

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