GERMANY: Rewe FY profits slide
By Michelle Russell | 22 May 2012
- EBITA, before non-recurring charges increases 8.8%
- Sales grow by 3.5%
- Germany turnover climbs 3.2%
German retailer Rewe has said it performed "extremely well" in 2011, despite booking a drop in full-year profits.
EBITA, before non-recurring charges, amounted to EUR592.5m (US$756.1m), an 8.8% drop on 2010, Rewe reported today (22 May).
The company, however, increased sales by 3.5% to EUR40.3bn. In Germany, turnover grew 3.2% to EUR35bn, while international sales increased 3.6% to EUR13.5bn.
"2011 was for us a year of consistent debt reduction and risk prevention," said Alain Caparros, CEO of Rewe. "We are excellently prepared for all risks and opportunities that present themselves to us in the future in Germany and Europe. We want to the opportunities for growth to be through acquisitions ... if they fit with our strategy and our portfolio."
Rewe has also appointed general manager Reinhard Schürk to its board following the retirement of Joseph Sanktjohanser who will leave the management board on 30 June.
Earlier this week, Rewe named Dr Christian Mielsch as its new CFO.
Click here to view Rewe's full earnings release.
Sectors: Financials, Retail
Companies: Rewe
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