Safeway Shows Profit; Truck Fleet Hit by Higher Fuel Costs

rocery store chain Safeway Inc. reported a first-quarter profit but higher fuel costs raised expenses of running its truck fleet.

The company earned $142.9 million or 32 cents a share, for the fiscal quarter ended March 25, up from $131.3 million or 29 cents last year.

But higher fuel prices dampened the company’s profit by raising its trucking costs. Safeway runs about 1,225 tractors, according to last year's Transport Topics 100 listing of private fleets, in which the company ranks No. 12.

That has raised concerns that the sales of many retailers will suffer if consumers change their spending habits so they can afford to fill up their gas tanks, the Associated Press reported.