Safeway's profit slips in 4Q Summary Box: Safeway's profit slips in 4Q Feb 23 11:39 AM US/Eastern THE NEWS: Safeway Inc. said its profit slipped 6 percent in the last three months of 2011 as it paid more to stock its shelves. THE BIG PICTURE: The grocery industry has been struggling to balance the need to pass on its higher expenses without turning off cost-conscious shoppers. THE CONTROLS: The Pleasanton, Calif.-based supermarket chain is hoping to mitigate the effect of higher expenses by focusing on store brands, which typically carry higher profit margins.