UK: Somerfield back in the black after long haul
The UK's fifth largest supermarket chain Somerfield reported a turnaround in its fortunes yesterday [Tuesday], posting net profit of £5.5m (US$7.89m) for the six months ended 10 November, up from the net loss of £21.7m in the same period a year earlier. Earnings per share similarly rose from a loss to 4.5 pence last year to a gain of 1.1p, and operating profits of £5.6m were recorded, compared with losses of £9.5m last year. The group said that furthermore its balance sheet is strong and has negligible gearing at 2.3%, after the group "more than doubled capital expenditure at £58.3m compared with £27m in the last half year.
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