Musgrave Group, the Ireland-based retailer, today (17 June) reported a 7% fall in annual profits as the downturn hit the grocery sector in its home market.
The company behind chains like Budgens and Londis in the UK booked pre-tax profits of EUR70m (US$86.7m) for 2009.
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The fall in profits came as sales dropped 3% to EUR4.5bn, Musgrave said.
The retailer’s sales in Ireland fell 7% to EUR2.7bn, although Musgrave CEO Chris Martin claimed its SuperValu, Centra and Daybreak brands had “outperformed” the rest of the sector.
Martin said Musgrave’s UK sales rose 3% to GBP1.4bn (US$2.07bn). “Our business model for independent, community-centred retail is gaining traction in the UK market,” he explained.
In Spain, Musgrave’s sales fell 3% to EUR190m as the company continued to sell its stores to independent retailers.
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