UK retailer Somerfield has announced an improvement in sales in the six months to November 8, 2003. It has also more than doubled its first half profits thanks to store improvements.
Pre-tax profit excluding exceptional items rose to £15.5 million in the six months ended November 8 from £6.6 million the previous year. Turnover was more or less the same at £2.69 billion.
The retailer is still aiming to have refitted one third of its Somerfield stores by the end of this financial year in May. Refitted stores are seeing a 20 per cent hike in like-for-like sales.
The group also aims to complete refits of roughly 10 per cent of its 649 Kwik Save stores. Refits of this fascia have been producing an average 25 per cent rise in sales.
Meanwhile, the group’s total like-for-like sales rose 1.5 per cent in the first 10 weeks of its second half. This also represents a gain of 0.9 per cent on the first half figure.
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