UK: Somerfield says pre-tax profits in line with expectations
UK supermarket group Somerfield told investors earlier today that pre-tax profits for the first half of this financial year are in line with expectations. The group revealed that strong same-store sales were driven in Somerfield outlets during the start of the period by aggressive promotions. These were, however, costly affairs and since then management has scaled back the promotional offer in a bid to regain the cash margin.
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