Somerfield has announced increased profits and reduced debts despite the current economic downturn.
The company reported an £8 million rise in profits from £218m last year to £226m this year, with a 2.5 per cent increase on like-for-like sales for the year ending April 28, 2008.
The high-street grocer also reported debt at £770m as opposed to £882m the previous year (-13 per cent) despite building 60 of its forecourt stores and investing £65m for further outlets during the year.
Paul Mason, chief executive of Somerfield, said: “Our clear focus on giving our customers what they want has delivered industry-beating like-for-like sales growth for the first half of this financial year.
“The last three years have seen a radical change in the Somerfield business. We have touched every aspect of the business on our way to become Britain’s favourite local grocery shop.
“This transformation of Somerfield places us in the best possible position to benefit from the strong strategic fit and shared vision that the acquisition by The Co-operative Group offers,” he said.
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