Germany-based Tengelmann posted a 2.6% sales increase over its 2009 financial year to reach EUR11.34bn (US$14.5bn).
“The Tengelmann Group was not affected by the global economic crisis. We have recorded a growth in sales and profits and have high equity and further increased liquid funds,” said Karl-Erivan Haub, managing partner of the Tengelmann Group,
Its Kaiser’s Tengelmann stores posted EUR2.58m sales for the year, flat on the previous year.
“We have not yet mastered all of the challenges in our supermarkets. The sale of the branches in the Rhine-Main region is part of an extensive project to restore Kaiser’s Tengelmann’s strong foundation. In this segment it is vital to have a very good market position in the traditional markets,” said Haub.