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April 20, 2005

FINLAND: Spar Finland makes Q1 2005 loss as sales fall

Finnish food retailer Spar Finland, a subsidiary of Swedish food retailing company Axfood AB, today (Wednesday) announced net turnover of €125.8m (US$164m)in January-March 2005, a fall of 7.7% compared with net turnover of €136.3m in the same period last year.

Finnish food retailer Spar Finland, a subsidiary of  Swedish food retailing company Axfood AB, today (Wednesday) announced net turnover of €125.8m (US$164m) in January-March 2005, a fall of 7.7% compared with net turnover of €136.3m in the same period last year.

The company made a loss before tax of €1.1m, compared with a €0.1m profit in the same period last year.

Net turnover for Spar Finland-owned stores in March 2005 was down 0.9% and in January-March it was 1.9% down on last year. The comparable net turnover for Spar Finland-owned outlets in March 2005 was 7.6% and in January-March 8.9% down on last year.

Spar Finland plc engages directly in food retailing while at the same time operating as the wholesale supplier of Spar-branded food retail stores.  At the close of the financial period Spar Finland’s store chains comprised 13 Eurospar stores (31 December 2004: 13) and 272 (274) Spar stores, making a total of 285 (287) stores. Altogether 100 (94) of these were owned by the company itself.

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