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SOF Amplify Samsung SOFR ETF

100.6065
0.00 (0.00%)
24 Jan 2025 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Amplify Samsung SOFR ETF AMEX:SOF AMEX Exchange Traded Fund
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 100.6065 0 00:00:00

AGM Statement

03/09/2003 8:01am

UK Regulatory


    3 September 2003

Trading Update for Quarter 1

Somerfield plc ("Somerfield")

The Board of Somerfield today provides an update on trading for the 16 weeks to
16th August 2003.

Overall, the performance has been in line with management's expectations.

The detailed like-for-like sales were as follows:

                        Quarter 1            First 9 weeks *  Second 7 weeks   
                                                                               
Store fascia analysis                                                          
                                                                               
Somerfield (%)          +2.0                 +1.1             +3.2             
                                                                               
Kwik Save (%)           -1.5                 +1.1             -4.7             
                                                                               
Group(%)                +0.5                 +1.1             -0.2             

* as previously reported in the preliminary results announcement on 2nd July
2003

In the Somerfield fascia the increase in the number of refitted stores has
driven a strong improvement in like-for-like sales growth, also supported by
good weather. To date, 120 stores have been refitted out of a total Somerfield
fascia estate of 591. Margins have been stable.

In Kwik Save, cash sales have been relatively static over the last 4 months,
although like-for-like sales in the last 7 weeks have been volatile against
prior year comparatives. From July to September 2002, Kwik Save sales benefited
from a strong promotional programme, at a cost to margin, that resulted in
like-for-like sales of +4.4% in the second 8 weeks of quarter 1 last year. The
promotional programme was not repeated this year, with a correspondingly
negative impact on like-for-like sales, but margins have remained stable.

Investment in the new Kwik Save concept stores is at a very early stage, with
14 concept stores completed at the year end, so growth achieved from the
refitted stores has had a negligible impact on sales performance. The
investment programme is being accelerated so that by November a further 50 new
concept stores will be completed out of a total Kwik Save estate of 661 stores.

For further information contact:

Cubitt Consulting:

0777 5752400

Fergus Wylie

Somerfield plc: 0117 935 7216

John von Spreckelsen, Executive Chairman

Steve Back, Group Finance Director



END



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