Dutch Retailer Plus Sees Turnover Rise, Profits Decrease
Dutch retailer Plus has posted a 3.8% increase in turnover in full-year 2019, to €2.478 billion.
However, net profit at the group fell by 21.4%, to €8.1 million, the business reported.
Operating profits were down 20.2%, due to a one-off cost of €18 million on an automation product. Without this expense, operating profits rose by 16.2%.
'A Good Year'
“Plus has had a good year on many fronts,” said Duncan Hoy, the group’s chief executive.
“Sales, the clientele, and operational EBITDA increased. This strong basis offers an excellent perspective for 2019,” added Hoy.
The group reported that the implementation of a number of strategic programmes ‘contributed significantly’ to its growth, including the conversion of stores to the Briljant format, and the implementation of an e-commerce programme.
In 2018, Plus opened three new outlets, in Kesteren, Leek and Rolde, as well as refurbishing 11 outlets.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.