UK: Safeway posts strong H1 profits, analysts sceptical on sustained growth
Written off by sector rivals as a dead loss following a 30% profit slump last year, Britain's fourth largest supermarket group, Safeway , has today (23 November) posted strong H1 pre-tax profits of £166m, up 10% on last year despite, or perhaps because of, a substantial investment in the new commercial strategy aimed to turnaround the store's fortunes. Since 1999, operating profit also increased 11% to £208m, reflecting a well-managed cost base and a discount-focused sales drive.
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