Italian retailer VéGé Group has reported double-digit growth for the third year running, ending 2016 with a turnover of €5.85 billion.
This represents an increase of 4.2% in like-for-like sales and a growth of 76.6% in current terms compared to 2015, according to the company.
Contributing to the positive result was last year’s arrival of new members, such as local grocery retailers Supermercati Toscano Cerea, Fratelli Arena, Multicedi, Bava and Asta.
Continued Growth
VéGé's growth is also reflected in the market share held by the group, which at the end of 2016 reached 4.5% nationally, according to market research group IRI. Over the past three years, the retailer’s market share has risen from 2.2%.
On the basis of the positive performance of the first half of 2017 and taking into account the contribution of retailers such as Consorzio DuePiù, Nocera Bros, and Sidi Piccolo that joined the VéGé Group during the year, the group estimates that it can close the year with over €6 billion in turnover.
The 2016 financial results also showed a 25.8% growth of the VéGé Group network, going from 2,327 stores in 2015 to its current figure of 2,928 stores.
© 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
