Spanish retail group Eroski has reported an 11 per cent increase in profits for 2002 to €89.4 million, driven by the expansion of both its stores and the products on offer there.
Investment during the year reached €271.8 million, with 193 new outlets opened as well as the continued overhaul of the company's existing network of stores. Seven new Eroski hypermarkets, 48 Consum supermarkets, 84 convenience stores under the Charter name, nine petrol stations, 19 travel agencies six Forum sportswear stores and 20 perfume retailers were opened during the year.
This investment programme has in fact been going on for some time - since 1998, the company has spent €1.7 billion in expanding and revamping its business.
Turnover for the year reached €5.4 billion, a 16 per cent increase on the previous year which Eroski attributed to improved competitiveness, an expansion of the product range (to include in particular more speciality products) and the new store openings.
Further improvements are expected following the company's recent agreement to pool its buying resources with those of French group Intermarché, which should allow further economies of scale.
The group has also continued to push its operations outside its traditional Basque stronghold this year. It now has 62 Eroski hypermarkets, 829 Consum supermarkets, 709 Charter convenience stores, 24 cash & carry outlets, 165 travel agencies, 42 petrol stations, 16 Forum sportswear stores and 104 perfume stores across Spain.