German retail group Rewe has announced strong results for 2008 and has targeted further expansion for its grocery business this year through acquisitions and organic growth.
The group reported that total sales, which also include its activities in the tourism sector, rose by 10.5 per cent to €49.8bn in 2008 compared with the previous year.
While group sales in Germany grew by 15.7 per cent to €33.9bn, overseas sales for the 12 month period increased by 17. 9 per cent to €15.9bn.
Across its 16 European markets including Germany, the group managed to expand its store network to more than 14,700 over the course of the year, up around 16 per cent on the year-earlier period.
Rewe Group chief executive Alain Caparros commented: 'Given the challenges we face, we are focusing all of our efforts on where we are strong, that is on our business operations and their continuous improvement.'
He continued: 'Even in a difficult macro-economic environment, we have the potential to become even more profitable and we will seize this opportunity.'
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