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Tengelmann Delivers Solid Results

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Tengelmann Delivers Solid Results The international marketing magazine for fresh produce buyers in Europe By Steven Maxwell Thursday 2nd September 2010, 15:44 GMT Tengelmann delivers solid results German group benefits from strong performance of domestic businesses, but says US subsidiary is �under pressure� erman grocery retail group economic crisis. However, the group said that the US retail G Tengelmann has reported a 2.6 per sector remained “constantly under cent increase in turnover for its With a workforce of 20,959 employed at pressure” as a result of the global economic 2009 financial year compared with the 660 branches, the supermarkets operated crisis, underlining recent press reports that same period a year before, in spite of what by the group’s Kaiser’s Tengelmann division A&P plans to close 25 stores as part of a it described as recession-related “pressure” managed to equal their previous year’s plan aimed at restoring profitability to the in several of its markets. results, generating sales of €2.58bn. business. The group, which operates a network of However, Mr Haub admitted that Tengelmann continues to hold a 15 per cent 4,519 stores in 16 European countries as well Tengelmann had “not yet overcome” stake in discounter Netto after selling its as the US, recorded sales totaling €11.34bn challenges in the business, adding that the Plus subsidiary to the company in 2009, for the year, which its managing partner, sale of branches in the Rhine-Main region while it is currently awaiting approval from Karl-Erivan Haub, said reflected a growth in was “part of an extensive project to restore authorities in Romania and Bulgaria for the sales and profits. Kaiser’s Tengelmann’s strong foundation”. sale of Plus branches in the countries. In a statement, Mr Haub said the group was The Tengelmann Group also remains the “focusing on sound commercial virtues and largest individual shareholder in the North organic growth” generated by its own American supermarket chain The Great resources, adding that it was also “taking Atlantic and Pacific Tea Company, Inc., advantage of specific acquisition (A&P). opportunities”. With its 433 markets, Tengelmann said the Tengelmann, whose divisions include company continued to maintain its Kaiser’s Tengelmann, KiK, OBI and position in its core regions of New York, Tengelmann E-Commerce, said that its New Jersey and Philadelphia during the German subsidiaries developed better than year. the foreign subsidiaries during 2009, which “suffered more” from the global http://www.fruitnet.com/americafruit/article/1474/parts-of-san-diego-quarantined-as-psyllid-count-mounts © Copyright Market Intelligence Ltd - Fruitnet.com 2014. The copyright on this article and all content published on Market Intelligence Ltd - Fruitnet.com is held by Market Intelligence Ltd - Fruitnet.com Limited, a joint venture between Market Intelligence Limited and Dr Rolf M Wolf Media GmbH. All rights reserved. Neither this article nor any part of it may be reproduced, stored or transmitted in any form, including print- outs, screen grabs and information retrieval systems, without the prior permission of the copyright owners. http://www.fruitnet.com/americafruit/article/1474/parts-of-san-diego-quarantined-as-psyllid-count-mounts © Copyright Market Intelligence Ltd - Fruitnet.com 2014. The copyright on this article and all content published on Market Intelligence Ltd - Fruitnet.com is held by Market Intelligence Ltd - Fruitnet.com Limited, a joint venture between Market Intelligence Limited and Dr Rolf M Wolf Media GmbH. All rights reserved. Neither this article nor any part of it may be reproduced, stored or transmitted in any form, including print- outs, screen grabs and information retrieval systems, without the prior permission of the copyright owners..
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