Schuitema, the Dutch supermarket group, has thanked a store revamp and a review of its real estate for rising first-quarter profits.
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The company, in which UK private equity group CVC owns a 73% stake, booked operating profit of EUR28.9m (US$44.7m), a jump of 29%. Sales grew 3.3% to EUR1bn.
CEO Bert Roetert said: “The earnings of the first quarter are a positive development.”
Majority control of the C1000 owner changed hands last month when CVC struck a deal for Ahold’s stake in the business.
Ahold agreed to take on 58 Schuitema stores, a batch of real estate and receive EUR185m in cash.
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By GlobalDataAhold will also get a 20% indirect stake in Schuitema, although it will not get a seat on the company’s board.
