Wholesaler and supermarket operator Musgraves said today it would continue to invest in new stores as it announced profits of €72.5 million for 2005.
Musgraves, which operates 681 stores under the SuperValu, Londis and Centra supermarket chains in Ireland and Spain as well as the Musgrave cash and carry group, said turnover rose by 17 per cent last year to €4.4 billion.
The group's chief executive Chris Martin said the 5 per cent rise in profits performance was achieved against a backdrop of "challenging and changing" market conditions.
"Our retailers are trading in an environment of higher costs, increasingly diverse consumer needs and more time-pressed shoppers. Despite these pressures our retailers delivered a 7 per cent increase in like for like sales in the Republic of Ireland and 5 per cent in Northern Ireland and Britain," he said.
In the Republic retail sales increased by 7 per cent to €2.9 billion, with Centra retail sales surpassing €1 billion for the first time. Like for like sales, excluding fuel, grew by 7 per cent.
At the end of 2005 Musgraves has 545 stores in the Republic (171 SuperValu, 374 Centra). The group plans to open up to 50 stores in 2006, including the five Pettitt's SuperValu stores that joined in January 2006.