GERMANY: Edeka sales boosted by store buys
By: just-food.com | 28 April 2010
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Sales up 14.9% in the 2009 year |
Edeka, Germany's largest retailer, saw sales increase 14.9% in 2009, boosted by store acquisitions by subsidiary Netto.
For the 12-month period, total sales reached EUR42.1bn (US$55.58bn) from EUR36.6m in the prior year. Retail sales increased 18.7% to EUR38bn.
In an increasingly competitive environment, Edeka said its sales and earnings growth continued "undeterred" as the retailer benefited from the 2008 merger between Netto and discount chain Plus and the opening of 400 more stores.
“Even in 2010 we will invest EUR1.3bn … to expand our logistics in Germany and to modernise,” said CEO Markus Mosa.
Sectors: Financials, Retail
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