German retailer Rewe has unveiled plans to open more stores even after reporting a fall in profits in 2010.

The company today (24 May) booked full-year EBITA of EUR514m – compared to EUR819m in 2009.

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Rewe said its EBITA from continuing operations reached EUR502m. Excluding one-off charges including impairment costs, EBITA was EUR638m in 2010.

Despite the lower profits at an EBITA level, Rewe generated a 4% rise in sales in 2010. 

The company said that sales reached a “record” EUR54bn. Gains were driven by a strong domestic performance, which saw revenue climb 4.2% to EUR36.5bn. Overseas, sales were up 3.5% to EUR16.6bn.

Rewe said that its Penny discount brand reversed the overall sales trend witnessed for faster growth at home, with German sales down 1.2% and international sales up 3.5%.

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Looking to the coming year, the company said that it intends to open “more than” 350 new stores in the next 12 months, both in Germany and internationally. The group added that it would invest EUR1.3bn in driving the modernisation and consolidation of its distribution network.

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