UK: Somerfield back in the black, but sales sluggish
UK retailer Somerfield has reported a return to profitability for the first time in three years but said recent sales figures have been sluggish. The fifth-largest retailer in the UK, Somerfield reported that sales in the first eight weeks of its new financial year were down by 1.4%. Sales at the Kwik Save subsidiary fell a more damaging 3.5% in the same period. This is disappointing news after Somerfield sales grew 0.1% and Kwik Save sales grew 1.4% during the second half of the previous financial year.
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