Italian food distribution company Etruria Retail has reported a turnover of €253 million in its financial year 2020, up 15.8% compared with the previous year.
The performance was driven by increased sales due to the COVID-19 pandemic, especially in the proximity store segment, as well as the company’s ability to adapt immediately to the new normal.
Out of its total profit of over €4.4 million, the company plans to distribute €2.8 million to shareholders.
Net financial debt declined to €11.6 million, which is half that of 2018.
In terms of product assortment, miscellaneous goods accounted for 50% of sales, followed by cured meats and dairy products (23%), fruit and vegetables (12%), meat (9%), and frozen foods and fresh fish (6%).
The largest share of sales was recorded in the area of Arezzo, Grosseto and Siena (53%), followed by Northern Tuscany and La Spezia (33%) and Umbria, Lazio and Abruzzo (14%).
In 2020, the company opened eight new stores, taking the total to 311, distributed to Carrefour Market (48), Carrefour Express (109) and La Bottega Sapori e Valori (154) banners.
Etruria Retail will open 20 new stores between 2021-2023, managing director, Graziano Costantini told local broadcaster Canale 3.
In addition, it is planning a major restructuring of its network in order to modernise the commercial, service and communications offerings.
Since 2020, Etruria Retail is a major franchisor of Carrefour Italia for Central Italy, operating in 15 provinces in Tuscany, Umbria and Lazio.
In 2016, the company saw a turnover of over €211 million with net profit amounting to €3 million.