Safeway has announced its half-year results, with pre-tax profits rising £17.7m to £160.2m for the period to October 11. However, underlying profits fell by seven per cent to £173.2 million.
Safeway said sales were down 2.5 per cent because of changes in the way it accounts staff discounts.
The results were in line with City expectations. Finance director Simon Laffin said the results showed the group had achieved its aim of keeping its trading performance stable in spite of the lengthy competition process, which he described as exhaustive. He said: “It does seem crazy that such a competitive industry is becoming the UK's most regulated.”
Meanwhile, the group has tried to entice Morrisons to launch a higher bid by revealing it had received offers of more than £543 million for 39 of the 53 stores the combined group must sell to appease the competition authorities.
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