Safeway hits Morrisons profits
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Morrisons today revealed a 7.6% fall in interim pre-tax profits, as the supermarket group suffered another hit from the Safeway chain it took over in March.
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Safeway posted a 77 percent rise in quarterly profit, helped by a tax benefit in the latest quarter.
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William Morrison, the fourth largest grocery chain, said it had agreed to sell 114 stores to rival Somerfield for 260 million pounds.
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New stores, expanded online sales and a new upmarket chain help H&M report a 17% rise in quarterly profits
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MORRISONS is to hand over 114 of its smaller Safeway stores to rival Somerfield as part of a Â£260m deal. Morrisons said the sale would let it concentrate on the larger Safeway stores that it acquired and
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Campbell Soup Co.'s profit rose 39 percent for the fourth quarter versus results a year ago that were depressed by costs related to sales of some operations in Ireland and the United Kingdom.
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Sysco Corp. (SYY.N), the largest U.S. distributor of food to restaurants and hospitals, on Monday said quarterly profit rose as an extra week in the period and acquisitions helped offset the effects of higher food prices.
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Safeway Inc. said third quarter net income fell to 35 cents a share from 45 cents a year ago due to the continued impact of the Southern California strike that was settled in the first quarter of this year.
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Business & money: Retailer turns in stunning performance over first half, pushing profits ahead by more than 50%.
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Supermarket chain Morrisons returns to profit, six months after posting its first annual loss.
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William Morrison Supermarkets has agreed to sell 114 small Safeway stores and a distribution centre for 260.2 million pounds. Morrison bought these stores as part of its 3 billion pound
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The company reported third-quarter profit of $453.1 million as the weaker dollar and strong sales in Huggies baby wipes and Kleenex tissue helped offset costs for pulp.
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Safeway's taking its organics line further.
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The supermarket chain said that first-quarter profit jumped 10 percent but was hurt by labor unrest.
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Kroger, the largest supermarket company in the United States, said yesterday that its fiscal third-quarter profit rose 16 percent as discounts spurred sales.
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WM Morrison shares shot up 15 per cent yesterday in spite of a deteriorating performance in the group&#39;s core business and continued poor trading in the shops that came with this year&#39;s Safeway acquisition.
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ASDA, the UK&#39;s second-biggest supermarket chain, revealed yesterday that profits rose by 10.4 per cent last year, driven by its continued push into non-food products.