Musgrave Group, the Ireland-based retailer, today (17 June) reported a 7% fall in annual profits as the downturn hit the grocery sector in its home market.
The company behind chains like Budgens and Londis in the UK booked pre-tax profits of EUR70m (US$86.7m) for 2009.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The fall in profits came as sales dropped 3% to EUR4.5bn, Musgrave said.
The retailer’s sales in Ireland fell 7% to EUR2.7bn, although Musgrave CEO Chris Martin claimed its SuperValu, Centra and Daybreak brands had “outperformed” the rest of the sector.
Martin said Musgrave’s UK sales rose 3% to GBP1.4bn (US$2.07bn). “Our business model for independent, community-centred retail is gaining traction in the UK market,” he explained.
In Spain, Musgrave’s sales fell 3% to EUR190m as the company continued to sell its stores to independent retailers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
