UK supermarket group Safeway today [Wednesday] reported like-for-like Q4 sales up 4.1% – a creditable effort but no match for larger rivals Sainsbury’s and Tesco.
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Safeway group like-for-like sales for the year ended 30 March showed a 4.9% improvement, compared with 5.2% in the previous year. A spokesman said the slowdown in the second half was due to disruption at a number of outlets undergoing conversion to hypermarkets.
“This is a satisfactory performance given the scale of change in stores undergoing reformatting,” Safeway said in a brief trading statement.
Nevertheless, at 0730 GMT today, Safeway shares were trading 2.6% lower at 297 pence (US$4.29), which values the group at£3.1bn.
Sainsbury’s recently reported Q4 like-for-like sales up 6.8% (see here for more details), while Tesco posted its best fourth quarter in five years (see here for more details.
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By GlobalDataSafeway said fourth quarter sales rose 4.5%, of which 0.6% was attributed to Easter sales. This was in line with analysts’ expectations of 4-5% excluding petrol sales.
