France’s Auchan Group has hailed the “solid progress” made by its retail store business in 2010, with revenue up by 4.9 per cent and earnings growing by 7.1 per cent.
The Paris-based grocery retailer said that last year was characterised by a “firm business performance” in its three major markets, France, Russia and China, which, together with eastern Europe, helped drive revenue growth.
In a statement, Auchan said that revenue increased by almost 23 per cent year-on-year in central and eastern Europe (Poland, Hungary, Romania, Russia and Ukraine) and Asia (China and Taiwan), where a major part of the group’s expansion during 2010 was concentrated.
Despite this, France still accounted for 46 per cent of the company’s total revenue during the year.
Auchan’s EBITDA (Earnings Before Interest Tax, Depreciation, and Amortization) rose by 7.1 per cent compared with 2009 to E2,514m.
Vianney Mulliez, chairman of Auchan’s board of directors, said: “With debt significantly reduced, we have entered 2011 in a solid position. The outlook for the year nonetheless remains more positive in the emerging countries than in the euro zone.”
