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15/05/2002
Safeway reveal profit rise despite sales dip
Supermarket chain Safeway has announced an increase in profits despite an intensive programme of store refurbishment that has curtailed sales growth during the last six months.
The figures shows that pre-tax profits for the year to the end of March rose by 11% to stand at £355 million, with sales increasing by 5% to £9.4 million with revenue growth expected to speed up once the overhaul of its outlets is completed.
The refurbishment programme has already seen 71 Safeway stores refitted during the last 12 months, in a move designed to entice customers to shop in an "attractive and appealing" environment. Four new store formats have been introduced - convenience, supermarket, superstore and megastore – with the first megastore opened at Plymstock, with four more to open during the next three months.
Carlos Criado-Perez, Chief Executive of Safeway, commented: "This year we have successfully demonstrated our highly innovative approach to food retail as well as our determination to translate new ideas into action fast. As we drive forward the rapid transformation of our stores and continue the dramatic improvement in our product ranges, we are evolving into a multi-format business and laying the foundations for the best retail shopping experience in each of our local markets.
"In the first six weeks of the new financial year like-for-like sales growth was 2.0%, against last year’s tougher comparatives. But, as ever, we remain committed to driving strong sales growth and expect performance in the remainder of our first quarter progressively to strengthen as the pace of new format store relaunches picks up."
(CL)
The figures shows that pre-tax profits for the year to the end of March rose by 11% to stand at £355 million, with sales increasing by 5% to £9.4 million with revenue growth expected to speed up once the overhaul of its outlets is completed.
The refurbishment programme has already seen 71 Safeway stores refitted during the last 12 months, in a move designed to entice customers to shop in an "attractive and appealing" environment. Four new store formats have been introduced - convenience, supermarket, superstore and megastore – with the first megastore opened at Plymstock, with four more to open during the next three months.
Carlos Criado-Perez, Chief Executive of Safeway, commented: "This year we have successfully demonstrated our highly innovative approach to food retail as well as our determination to translate new ideas into action fast. As we drive forward the rapid transformation of our stores and continue the dramatic improvement in our product ranges, we are evolving into a multi-format business and laying the foundations for the best retail shopping experience in each of our local markets.
"In the first six weeks of the new financial year like-for-like sales growth was 2.0%, against last year’s tougher comparatives. But, as ever, we remain committed to driving strong sales growth and expect performance in the remainder of our first quarter progressively to strengthen as the pace of new format store relaunches picks up."
(CL)
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