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.

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