Supermarket chain Somerfield, currently the subject of interest from potential bidders, has reported a rise in pre-tax profit, before exceptional items for the year to 30 April to £53.1m from £32.5m a year ago. Sales rose to £5.214bn from £5.053bn.
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“These are a good set of results that demonstrate the benefits of the continuation of our portfolio transformation strategy, said chief executive, Steve Back. “We have made significant progress in delivering a quality, fresh, convenience based offering for our customers. With the acquisition of the Safeway stores and the Texaco and
Fuelforce convenience forecourt stores, we have successfully extended the Somerfield brand across the UK,” he said. “Kwik Save has been refocused on its heartland and we are repositioning its offer.”
“Current trading conditions remain challenging with subdued consumer demand and continued intense competition,” he said. “We are sharpening our value proposition in line with recent market movements and are continuing our store improvement programme. The like for like sales trend has improved in recent weeks and we will grow our market share further.”
“With regard to a potential offer for the group, a comprehensive due diligence process has been undertaken with substantial progress having been made by interested parties. Discussions have now reached an advanced stage,” he said. “There can, however, be no certainty at this time that an offer for the group will be forthcoming.”
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