Germany's REWE Group has achieved its 2010 budgetary targets, raising turnover by 4 per cent to €53bn, according to figures that are not yet certified.
At 4 per cent, growth in its domestic market was stronger than abroad, where sales were up 2.2 per cent.
Breaking down the figures, CEO Alain Caparros said: 'While developments for the REWE supermarkets were clearly above average for the industry, Penny in Germany, operating in an environment difficult for discounters, did not meet our expectations.'
Penny lost 1.2 per cent in turnover and recorded a turnover of €6.9bn, while the group's full-range chains, REWE and toom, reported growth of 6.4%, in part thanks to the acquisitions of Sky, Delhaize and Tengelmann.
In foreign markets, sales were up 1.2 per cent at €9bn. Good results in Austria, Russia and the Czech Republic were in contrast to the reduced turnover at Polish BILLA stores.
'Overall, we based our planning on the assumption that 2010 would be even more of a challenge than 2009, so we are satisfied with the development of turnover in the group,' said Mr Caparros.
