PORTUGAL: Food buoys 2011 sales at retailer Sonae
By Dean Best | 26 January 2012
Higher revenue from its food stores has led to improved annual turnover at Portuguese retailer Sonae.
The company said its Sonae MC division, which runs its food business in Portugal, increased sales by 2% to EUR3.33bn (US$4.38bn) in 2011.
Like-for-like sales inched by 0.5%, which Sonae described as a "leading performance" and above the growth of the market. The proportion of own-label sales in its stores increased in 2011, reaching 30% in some categories, Sonae said.
The retailer's total turnover was up 0.3%, with its growth in food retail almost offset by a decline in non-food sales.
Sonae did not disclose profit figures.
Sectors: Financials, Retail
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