Musgrave targeting return to profit

Leading food retailer, Musgrave Group, is set for a first net annual profit for two years, with no exceptional costs expected to be included on its 2015 balance sheet.

The Cork-based business — which owns the likes of SuperValu, Centra and Daybreak — has reported underlying profits of €66m for 2014.

Its net loss, for the year, amounted to €13m; down significantly from a total loss of €113m (restated, due to a change in accounting measures) for 2013, when exceptional costs — largely relating to the takeover of the Superquinn brand — of €70m are included.