A Brief Look at Blackhawk Network
Yesterday, Safeway held its Q1 2010 Earnings Call (see call transcript provided by Seeking Alpha).
On the call, Safeway CEO Steven Burd commented about Blackhawk: “The face value of cards sold … increased 28% over last year’s first quarter. Now this increase is larger than any quarter in 2009, and represents a significant acceleration from what we experienced in the fourth quarter of 2009. Again, I would attribute a good piece of that to the fact that I think we’re seeing a bit of a recovery in the U.S. economy. And I believe it’s slow, but I think that is indicative of some of the numbers we see coming from BlackHawk, and some of the numbers we see in some other aspects of our food retail operation.”
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