Safeway pre-tax profits up 33%
By FWi staff
SUPERMARKET group Safeway has announced a turnaround in fortunes with a 33% rise in annual pre-tax profits, reports the Financial Times.
Chief executive Carlos Criado-Perez said a strategy of deeply-discounted prices on selected lines had won 1m new customers.
Turnover in the year to March 31 rose 6.4% to 8.15bn, while pre-tax profits rose from 236.1m to 314.5m.
The FT says that before Mr Criado-Perez was appointed 18 months ago, it was questionable whether Safeway could survive as an independent retailer.
- Safeway recovery defies critics, FWi, 25 October 2000
- Wal-Mart man replaces Safeway chief, FWi, 3 November 1999
- Financial Times 17 May 2001 page 24
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