SPAIN: Retailer Mercadona to up capex in 2012
Spanish retailer Mercadona is to increase its capital expenditure this year as it continues to expand.
The company, which saw sales and profits increase in 2011, plans to spend EUR600m (US$785.6m) on opening new stores, revamping existing outlets and on its logistics network this year.
Mercadona, which has over 1,350 supermarkets in Spain, wants to open 60 stores this year. It is also looking to invest in its logistics infrastructure in Guadix and Abrera.
Last year, the retailer spent EUR540m on opening 60 outlets, revamping 39 supermarkets and completing a logistics site in Villadangos del Páramo. It closed 14 outlets, leaving it with 1,356 stores.
Mercadona reported a 19% in net profit to EUR474m. EBITDA was up 4% at EUR1.04bn. Turnover increased 8% to EUR17.83bn.
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