FoodClips
Source: Reuters
AB Vassilopoulos net profit flat, to expand faster
ATHENS, March 10 (Reuters) - Greek supermarket operator AB Vassilopoulos reported flat 2009 net profit as acquisition-led sales growth was offset by higher costs and a one-off tax, and said it was to accelerate new store openings.
"For the current year, the group plans to accelerate its expansion by adding 13-18 new stores," the company, which operates 216 outlets, said on Wednesday.
AB Vassilopoulos, majority-owned by Belgian group Delhaize (DELB.BR: Quote, Profile, Research), posted a 2009 net profit of 32.6 million euros ($44 million), saying its bottom line had been hit by a 4 million one-off tax on corporate profit aimed at helping Greece grapple with a ballooning deficit and a 300 billion euro debt pile.
Read more [http://in.reuters.com/article/consumerproducts-SP/idINLDE6290SI20100310]
Read full report [FoodBizDaily]
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Alfa-Beta Vassilopoulos S.A.
Address: 81 Spaton Avenue Gerakas Athens, 153 44 Greece
Telephone: +30-210-6608000
Fax: +30-210-6612675
About Alfa-Beta Vassilopoulos S.A.
Alfa-Beta Vassilopoulos S.A., a member of Delhaize Group, is engaged in the food-retail trade. The Company operates the Alfa-Beta chain of supermarkets across Greece. As of December 31, 2008, it had a total of 201 stores, including 121of its own supermarkets and 41 franchise stores, as well as 10 Ena Cash & Carry stores, which are run by its subsidiary, Ena S.A. Moreover, it has 29 retail stores from the recent acquisition of Single Partner Limited Liability Company & Co Limited Partnership. The Alfa-Beta network comprises AB supermarkets, City Alfa-Beta branded stores, Alfa-Beta Food Market, Trofo stores and Alfa-Beta Shop & Go. The Company also offers a loyalty scheme which is implemented through its loyalty cards, AB Visa credit cards and AB Plus cards, as well as a voucher scheme. Additionally, it is active in the mobile telephony sector offering discount pre-paid cards.