Retail group ADM Londis has reported a 71% jump in profits for last year to €2.7m (US$3.5m), according to the broadcaster RTE. Sales grew by 5% to €309m.
Joint chief executive Stephen O’Riordan said the group had opened 43 new stores during the year, ahead of its forecast of 30. He said he was pleased with the results in what he described as a “competitive, low margin sector.”
O’Riordan also urged the government to retain the Groceries Order, which bans below-cost selling. “There is no doubt any changes to it will pose a threat to the independent retail trade and ultimately to consumers,” he added.
The Consumer Strategy Group, whose report is due to be published shortly, is reported to be recommending the abolition of the order, the broadcaster said.