Break-up rumours at Somerfield
SPECULATION is growing that troubled supermarket chain Somerfield could be broken up, reports the Daily Express.
This follows the release of grim trading figures and a warning that full-year profits would be at the lower end of analysts forecasts.
Food retail analyst David Stoddart told the newspaper that it was likely Somerfield would be broken up and sold off.
Like-for-like sales for the groups Kwik Save stores were down 16% in the fourth quarter.
And like-for-like sales at Somerfield stores were down 5.1% in the same period.
Group turnover to April 29 was 5.47bn, down 7.3%
- Kwik Save costs Somerfield dear, FWi, 15 May, 2000
- Somerfield drops Kwik Save sale, FWi, 19 April, 2000
- Daily Express 25/05/2000 page 63