Spain's biggest supermarket group, Mercadona, announced its annual results for 2017 on Tuesday and said that it had seen its profits half.
The Valencia-based giant said that its profits last year were 322 million euros. However this was still good news for the president and founder, Juan Roig, who had expected only 200 million euros in profit. Sales in the period increased by six per cent to almost 23 billion euros.
Mercadona is still privately-owned and he had told analysts last year that it would be diverting much of its sales to start an ambitious investment programme worth just over one billion euros in 2017. Most of this money, 667 million, was spent on starting to refit the company's shops with a newer and more efficient look, as well as opening new stores.
Roig said, “Mercadona is doing well and will do much better,” adding that his company hopes to invest 8.5 billion over the next six years. The chain now has 1,627 supermarkets and employs 84,000 people.