Italy's Esselunga Sees 2016 Revenues Grow by 3.1%
Italian supermarket chain Esselunga has posted a 3.1% growth in revenue to over €7.5 billion for full year 2016.
The result, which was achieved in the year it lost its founder Bernardo Caprotti, came as the group implemented an average price decrease of 1.1%, which enabled it to attract new customers to its stores (+4.4% compared to 2015).
Net profit was down from €291 million to €262 million, mainly due to some impairments of the group’s real estate activities.
Net debt halved, from €116 million to €55 million, while investments amounted to €489 million, partly related to four new store openings last year.
For this year, Esselunga plans the opening of five new supermarkets, including those in Rome (on April 5) and Verona. In addition, the company is planning to start construction of its fourth storage centre in Ospitaletto.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine