Ireland-based retailer Musgrave Group has reported higher annual profits on the back of improved sales, which were boosted by a contribution from the Superquinn business it acquired in 2011.

Musgrave, which owns chains in Ireland, the UK and Spain, said net profit was up 2.3% at EUR60.8m (US$79.4m). Pre-tax profits increased 3% at EUR72m last year. 

Sales grew 11% to EUR4.9bn. Aside from the Superquinn boost, Musgrave saw sales increase in all of its markets.

"2012 was another year of challenging economic circumstances with continued austerity budgets, which has further cemented the changed mindset of consumers, who remain focused on spending less. Against this backdrop, we delivered a good financial performance," Musgrave CEO Chris Martin said.

Click here for Musgrave's financial statement.