Dutch retailer Super de Boer almost tripled its net profit last year but said today (4 March) that no dividend will be paid for 2008.
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The company closed 2008 with a net profit of EUR29m (US$36.3m), compared with EUR10m in 2007.
Operating profit increased to EUR25m, an increase of EUR4m on the previous year. The company put the strong increase down to the disposal of loss-making stores and improved operational performance reflected in lower selling and lower general and administrative expenses.
Jan Brouwer, CEO of Super de Boer, said: “We are satisfied with these good financial results and it is clear that Super de Boer benefited during the year from the extensive reorganisation in 2006 en 2007. Also in 2009 we will continue to strengthen and modernise the Super de Boer format.”
The group’s sales totalled EUR1.69bn in 2008, a drop from EUR1.86bn in 2007.
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By GlobalDataConsolidated EBITDA in 2008 was EUR53m versus EUR49m in the previous year.
The company said it plans to invest EUR20m in own stores in 2009, while further expanding its home brands.
