UK grocer Safeway, the subject of a takeover inquiry by competition authorities, today [Thursday] reported annual profits in line with guidance given last month. Like-for-like sales in the fourth quarter to the end of March declined 0.1%, some way behind market leader Tesco which reported fourth quarter growth of 4.4% to the end of February and J Sainsbury which posted like-for-like growth of 1.3% for the quarter ended March.