Germany-based retailer Tengelmann has announced that European sales for the 2007/08 financial year ended 30 April 2008 jumped 2.5 per cent to hit €20bn, with the group's Plus discount store increasing sales by 3.9 per cent to €10bn.
The company did not reveal any profit figures for the period, although group CEO Karl-Erivan Haub said that he was 'satisfied all in all' with the results, and that the group had been 'operating profitably'.
Speaking about the current economical environment, Mr Haub said that Tenegelmann was free of net debt and was therefore not directly affected by the financial situation, although he did predict that Germany is set for a 'heavy recession'.
The group added that the merger between Plus and Edeka's Netto discount banner is expected to come into force on 1 January 2009, pending competition commission approval.
