Budgens and Londis owner Musgrave Group has posted a 3% drop in full-year sales to €4.4bn (£3.92bn). Sales were down due to the economic crisis in Ireland and a “very tough trading environment” in all of its markets, said Musgrave, which operates franchise stores in the UK, Ireland and Spain.
Budgens is to get the Irish treatment later this year with the trial of new offers to bring the fascia in line with its SuperValu and Centra counterparts.
Musgrave Group, the Irish owner of Budgens and Londis, put a 20% drop in group profits down to increased investment in lowering prices and the parlous state of the Irish economy. Pre-tax profits fell 20% to €75.5m (£67.8m) in the year to 31...
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