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Amigo Sales And Profits Enjoy Double-Digit Gains
Supermarket Chain Becomes Largest On Island With $600M In Revenue, 36 Stores
BY TAINA ROSA
October 17, 2002
Supermercados Amigo seems to be going all out before its possible acquisition by megaretailer Wal-Mart. Amigo Executive President Jose Revuelta told CARIBBEAN BUSINESS that the chains revenue grew to $600 million, making it the largest locally based and locally owned supermarket chain, surpassing Pueblo International.
"We have just ended our fiscal year and have seen impressive results. We have had double-digit growth in both sales and profits, which is absolutely great. This has been a trend for the past two years," said Revuelta. Industry sources said profits increased by around 25% and sales by 10% to 15%.
Regarding the sale of Amigo, Revuelta said, "This has been in the works for five years now. The chain was up for sale even before I came on board, two years ago. Of all the offers made, Wal-Marts was the one most in line with Amigos operational philosophy, which calls for offering the lowest prices possible, providing benefits to employees, buying local agricultural products, paying suppliers on time, and paying taxes. Not selling the chain isnt an option because thats what its board of directors wants to do."
This Caribbean Business article appears courtesy of Casiano Communications.