UK: Budgens have boost its profits by 16%
UK supermarket group Budgens says an increasing emphasis on providing high-quality fresh food has helped boost its profits by 16%.Budgens, which has 208 stores and about 0.6% market share, was due a boost. In the past six months its shares have underperformed the rest of the sector by 13% and the all-share index by 10%.Like-for-like sales, the key measure of how a supermarket group is performing, were up 4.1%, compared with an industry average of about 1.7%, despite deflationary pressures in food prices.Group turnover was up 4.5% at £451m, compared with £440m last time. On Monday, the company launched a new franchise concept to target smaller independent stores and corner shops, called Budgens Local.
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