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Safeway to Close 12 Dominick's Stores

PLEASANTON, Calif. - Safeway, Inc. said it would close 12 of its underperforming Dominick's stores in the Chicago area in a move that will result in a 2004 first-quarter pre-tax charge of $50 million to $55 million, Reuters reports.

The company said the elimination of operating losses from the closed stores would aid earnings immediately. Analysts currently expect Safeway to report profit of 43 cents a share for the first quarter of 2004, according to Reuters Research.
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