Change at Somerfield's top

13 April 2012

JOHN von Spreckelsen is stepping down as chief executive of supermarkets group Somerfield, which also owns the Kwik Save chain, although he will stay on at the group as three days-a-week chairman.

Steve Back, 43, who is finance director, succeeds him. Von Spreckelsen, who has steered the group through a four-year recovery programme, said Back's extensive retail experience ideally equips him to implement the next phase of the recovery programme.

Profits for the year to 24 April surged almost 60% to £41.1m before tax and exceptional items, on broadly flat sales of £5.1bn. The dividend total is raised by 33% to 2.2p.

Von Spreckelsen said the key to the recovery was the stores refit programme. The Somerfield chain produced a like-for-like sales increase of 2.2%, while Kwik Save was down by 0.1%. The current year has got off to a good start, von Spreckelsen said, with Somerfield ahead by 2.9% in the first nine weeks and Kwik Save posting an underlying increase of 2.4%.

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