German retailer Edeka today (29 April) posted rising turnover and earnings for 2008, with the group’s discount stores enjoying bumper sales.
The company booked a 4.9% rise in food retail sales to EUR32bn (US$42.39bn). The group saw its EBIT climb 2.1% to EUR1.19bn.
Edeka’s discount division, Netto, generated turnover of EUR4.2bn, an increase of 12.4% on the year.
The performance led Edeka to claim its business is “on track” and CEO Markus Mosa outlined the retailer’s opening plans for the next three years.
“We will, in the next three years, open more than 1450 attractive stores in Germany,” Mosa said.