Italian grocery retailer Esselunga has posted an increase in 2010 net income on the back of a jump in sales.
It said yesterday (30 May) that net income for the year ended 31 December was up 13.6% to reach EUR231.1m (US$333m).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company said it recorded “good sales growth” of 5% to EUR6.4bn, despite witnessing a “sharp decrease in consumption”. It said the overall market declined around 2% for the full-year.
Operating profit was up 11.8% for the year to reach EUR364.4m.
Esselunga said that it expects margins to fall in 2011 as it works to “contain” inflationary pressures to “safeguard the purchasing power of customers”.
