UK: Somerfield sees "satisfactory" unaudited full year sales growth
UK grocery chain Somerfield has posted a "satisfactory" unaudited trading outcome for the year ended 27 April 2002, which the group sayis is in line with the board's recovery plans. Profit before taxation excluding exceptional items is expected to be in line with market expectations. Somerfield's like for like sales growth for the full year was 1.4%. In the H2 of the financial year, like-for-like sales growth was 0.1%. Notwithstanding the figures in the H2, a significant proportion of the group's expected trading profit growth will have come from Somerfield due to the re-balancing of promotions resulting in improved earnings.
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