Portuguese retailer Sonae saw turnover in its food retail business increase during 2010.
The company said turnover reached EUR3.27bn (US$4.45bn) for the year, a 5% increase, driven by investment in own-brand products, a strong value offer and a successful loyalty card scheme. Like-for-like sales were up 2.6% for the full year.
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Additionally, it highlighted the “strengthening of the distinctive competencies” of the Modelo and Continente banners, particularly their logistics infrastructure, store locations, product offer and strong brand recognition.
Sonae said last week (26 January) that it increased market share in 2010, adding that its turnover growth was higher than that of other modern retail operators in the country.
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