GERMANY: Tengelmann in “comfortable” position
German supermarket chain Tengelmann has said the company is in a "comfortable" position, despite the downturn.
Posting results for an eight-month year, due to an alignment of the financial calendars of its various divisions, sales reached EUR12.36bn (US$17.6bn) for the period from 1 May to 31 December.
"In economically difficult times it is more important than ever to have a solid financial basis," said Tengelmann managing partner Karl-Erivan Haub.
"As a family business with an equity ratio in excess of 30%, we are in the comfortable position of not being reliant on outside financing and can therefore continue to chart our own course in pursuit of moderate growth out of own resources in the years to come."
The company's US Great Atlantic and Pacific Tea Co. division (A&P) generated sales of $9.52bn for the period.
Germany subsidiary OBI Group Holding saw sales increase 5.3% on the previous year to EUR4.18bn.
In comparison to the previous year, the company's KiK division boosted sales by 7% to EUR1.11bn.
Tengelmann's supermarket chain achieved sales of EUR1.73bn, up 3% on the comparable period in the year before.
Germany's competition watchdog has opened a probe into an alleged cartel in the country's food retail sector....
The UK grocery sector is "largely buoyant" in the run up to Christmas, industry analysts TNS Worldpanel claimed this afternoon (8 December) - and consumers are showing signs of gaining in confidence....
Edeka, Germany's largest retailer, is reportedly looking to secure some EUR1bn in loans to refinance debt....
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