Musgrave posts record results - Food Retailing - Brief Article - Statistical Data Included

Eurofood,  July 4, 2002  

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Irish food retailer Musgrave has announced record financial results for the year ended 31 December 2001. During the year the group recorded a turnover of 2.27bn [euro], an increase of 258m [euro] or 12.8% compared to 2.01bn [euro] in 2000.

Group operating profit for the year was 57.33m [euro], an increase of 38.3% on the 41.45m [euro] achieved in 2000. Profit before tax increased from 34.29m [euro] in 2000 to 47.14m [euro] in 2001 representing an increase of 37%.

Commenting on the results, Seamus Scally, group managing director of Musgrave said, "The year 2001 was another year of solid growth throughout the group. The 11% increase in sales achieved by Musgrave SuperValu Centra, the company's retail franchise division, outperformed all other competitors in the market."

Group chairman, Hugh Mackeown commented on the year saying, "sales in the Republic of Ireland grew by 13.5% and represented 79% of total group turnover. Supervalu and Centra retailers held a combined 22.5% of the retail grocery market in the Republic of Ireland. Turnover grew again in Northern Ireland for the second year in a row with an increase of 12.7% recorded in sales. We have continued to grow our network of stores and currently trade through 77 SuperValu and Centra stores in Northern Ireland, of which 64 are owned and operated by independent franchisee retailers. Our operation in Spain also showed considerable growth with a 10.4% increase in sales to 150m [euro]," the chairman concluded.

SATISFACTORY GROWTH

Both Supervalu and Centra stores achieved satisfactory growth during the period.

Sales in the division's 171 SuperValu stores in the Republic of Ireland grew by 10% to 1.43bn [euro] while retail sales in the 317 Centra stores increased by 16% to 620m [euro].

At the same time, over 26m [euro] was invested in new stores by SuperValu retailers while Centra retailers invested a total of EUR12m.

COPYRIGHT 2002 Agra Europe Ltd.
COPYRIGHT 2002 Gale Group