Somerfield announces reduced losses
4 July 2001
Somerfield announces reduced losses
By FWi staff
SUPERMARKET group Somerfield says its recovery programme is working after announcing that operating losses have been greatly reduced.
The company reported annual operating losses down from 79.5 million to 6.3m, despite lower sales, reports the Financial Times.
Sales were down from 5.47bn to 4.61bn, partly due to the disposal of 46 stores and the closure of its Internet shopping business.
But the company said comparable sales in the first two months of the year were running 4% ahead, the first underlying increase in three years.
Meanwhile, frozen-food retailer Iceland hopes to announce on Wednesday (04 July) that it has poached an Asda director, reports the FT.
It says that Mike Coupe, trading director of Asda, had not signed a contract on Tuesday, but that Iceland were pushing for a decision.
It was expected that Mr Coupe would head Icelands core chain.
Earlier this week Iceland, which has seen shares slump, appointed George Greener as its new non-executive chairman
- Iceland appoints new chairman, FWi, 03 July, 2001
- DTI probes Iceland trading, FWi, 02 July, 2001
- Takeover rumours lift Somerfield shares, FWi, 13 June, 2000
- Financial Times, 04 July, 2001, page 20, 21
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