Industry Update.

The article presents news briefs related to the food industry and trade. Troubled British retailer WM Morrison Supermarkets PLC has warned that profits could slump as low as GBP50 million, down from GBP320 million last year. WM Morrison group, which recently admitted that it had lost track of earnings, has released a clarification statement revealing that profits for this year could be as low as GBP50 million. Wal-Mart Stores Inc.-owned Asda has beaten rivals Tesco, J Sainsbury and Morrisons to be named the cheapest British supermarket in a survey by industry magazine The Grocer. The research found eight out of every ten shopping baskets to be cheapest at Asda. The average price per basket of 100 items was also revealed to be 1.8% cheaper at Asda than at its main rival Tesco, which over the past year has tried to make incursions into Asda's cut-price market.