The sale of Dansk Supermarked’s Netto stores in the UK to Asda has hit profits at the Denmark-based retailer.
Dansk Supermarked, which is owned by shipping giant A.P. Moller Maersk, saw its net profit in the first quarter of 2011 fall 25.8% to DKK267m (US$45.7m).
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Maersk pointed to the sale of the Netto stores in the UK and “increased depreciations from new stores”.
Dansk Supermarked’s total revenue increased 3.6% when the impact of the Netto deal was excluded from the results. Like-for-like sales were up 0.8% when adjusted for the impact of foreign exchange.
New stores boosted the retailer’s market share in Denmark. Inflation led its retailer’s sales in Germany and Poland to increase. However, lower volumes led its like-for-like sales in Sweden to fall 4.9%.
On a reported basis, revenue from Dansk Supermarked, which accounts for 15% of Maersk’s turnover, was down 7.2% at DKK13bn.
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By GlobalData
