ARGYLL WARNS OF CUT IN PROFITS

LONDON (FNS) -- Argyll Group, the United Kingdom's third-largest food retailer, warned its profits will be cut by about $59.6 million, or 40 million pounds, this year because it will begin writing down the value of its stores.Argyll, which owns Safeway, Lo-Cost and Presto here, is the first major U.K. food retailer to begin depreciating its store values.Analysts said the move represents further evidence

LONDON (FNS) -- Argyll Group, the United Kingdom's third-largest food retailer, warned its profits will be cut by about $59.6 million, or 40 million pounds, this year because it will begin writing down the value of its stores.

Argyll, which owns Safeway, Lo-Cost and Presto here, is the first major U.K. food retailer to begin depreciating its store values.

Analysts said the move represents further evidence of an increasingly competitive environment in U.K. food retailing.

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