Dutch retailer Super de Boer has announced that net profit for 2008 increased almost three-fold, jumping from €10m in 2007 to €29m, with earnings before interest, taxation, depreciation and amortisation (EBITDA) up from €49m to €53m.
Net sales during the year fell from €1.9bn to €1.7bn, while consumer sales remained stable at €2.1bn. Net debt for the 12-month period fell from €77m to €67m.
'The net result in 2008 tripled compared with 2007, and the operating result before exceptionals also increased significantly,' said group CEO Jan Brouwer. 'We are satisfied with these good financial results and it is clear that Super de Boer benefited during the year from the extensive reorganisation in 2006 and 2007.'
Super de Boer strengthened its position during the year with the refurbishment and extension of 42 main stores, rolling out a new format concept and expanding the group's private label range, while also intensifying local marketing, the group said in its financial report.
Meanwhile, the group has set out a number of goals for 2009, including refurbishing and extending a further 50-60 stores, capital expenditures of €20m in own stores including replacement investments of €3m, and increased focus on private label offerings and increased price positioning.
'In 2009 we will continue to strengthen and modernise the Super de Boer format,' Mr Brouwer added.
