Annual sales at symbol retailer Spar International rose again in 2010 – but the company saw growth slow compared to 2009.
The Netherlands-based retailer reported a 4.5% increase in sales for 2010. Sales reached EUR29.8bn (US$42.95bn), Spar said yesterday (31 May).
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Spar stated that its “cumulative growth” over the last two years stood at 10.4%. However, Spar’s sales rose at a slower rate in 2010 compared to 2009, when the retailer’s revenue was up 5.5%.
Nevertheless, MD Dr Gordon Campbell said the level of growth was “an excellent achievement” during a “difficult economic environment”.
Dr Campbell said the rise in sales had been “aided” by Spar’s “aggressive” expansion into new countries and regions.
During 2010, Spar entered Vietnam and opened its first hypermarkets in Beijing and New Delhi.
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By GlobalData“Our growth has been boosted by the success of our retail strategy, which focused last year on developing the larger Spar store formats – supermarkets and hypermarkets – into new and existing markets,” said Dr Campbell.
Spar did not disclose profit figures for 2010.
