Esselunga posted growth for 2010

Esselunga posted growth for 2010

Italian grocery retailer Esselunga has posted an increase in 2010 net income on the back of a jump in sales.

It said yesterday (30 May) that net income for the year ended 31 December was up 13.6% to reach EUR231.1m (US$333m).

The company said it recorded "good sales growth" of 5% to EUR6.4bn, despite witnessing a "sharp decrease in consumption". It said the overall market declined around 2% for the full-year.

Operating profit was up 11.8% for the year to reach EUR364.4m.

Esselunga said that it expects margins to fall in 2011 as it works to "contain" inflationary pressures to "safeguard the purchasing power of customers".