Price continues to be the main focus for Irish retail and wholesale group Musgrave, its chief executive Chris Martin said this week as it posted only slightly depressed profits for the year ended December 31, 2011.
The group, which is behind Londis and Budgens on mainland UK and SuperValu, Centra, Superquinn, Mace, DayToday and Daybreak in Northern and the Republic of Ireland, reported sales of €4.5bn – up 1.6%. However, profits were down by 1% on the previous year to €71m.
Speaking about the continuing challenging economic environment, Martin said: “The past three years have brought a profound and permanent change to the grocery sector in each of our markets.”
He added that the group continued to make progress with Budgens and Londis with retail sales of €2bn during the period. “We have been investing heavily in value by cutting the price on thousands of products while improving the quality and depth of range in our 2000 Budgens and Londis stores.”
The group has introduced its SuperValue Own Brand range in Ireland and the UK, which Martin said had already helped to push own label sales up by 15%. “We are forecasting to achieve €1bn in own label sales across the group by 2014.”