AB Announces Sales Rise, Will Continue To Expand In 2010

Greek supermarket chain Alfa-Beta Vassilopoulos (AB), a subsidiary of Belgium retailer Delhaize, has reported flat net profits for 2009 after its earnings were hit by a one-off tax. Revenues for the year were up by 10.2% to EUR1.47bn on the back of expansion and the acquisition of Greek retailer Koryfi in October 2009. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 26% to EUR88.9mn. However, net profits came in at EUR32.6mn, below the EUR32.7mn earned in 2008, with AB hit by a special corporate tax of EUR4mn aimed at helping Greece tackle its surging fiscal deficit. Despite the

To read the full article, please choose one of the following options: