Food Industry
Industry: Email Alert RSS FeedSpar not profitable until Q4 2002 - Brief Article - Statistical Data Included
Eurofood, August 2, 2001
German supermarket chain Spar has reported an operating loss of 103m [European Dollar], and also indicated that a recovery would take longer than first thought.
Despite restructuring measures already in place, Fritz Ammann, appointed head of Spar in April reported that a return to profits would be more difficult than was thought last year. Ammann now envisages profitability at Spar by the fourth quarter of 2002.
Spar, which is 83%-owned by French distribution group ITM Entreprises (operators of the Intermarche chain), has already indicated that the 260m [European Dollar] earmarked for restructuring will not be enough.
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The German concern will need the full support of its French owners if it is to succeed.
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