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FINANCIAL NEWS
Spinneys expects USD1b revenue in 2013, plans further ME expansion
07 Nov 2011
(MENAFN) Spinneys CEO Michael Wright said it expected to record USD1 billion revenue in 2013 and is looking to expand further in the Middle East, Reuters reported.
Wright added that the Gulf supermarket chain registered 20 percent revenues in 2007 in Lebanon, while it recorded even larger figures in Egypt.
He also unveiled plans to open an additional four stores in Lebanon, three in Qatar, two in Jordan and at least three in Egypt by 2013, adding that expanding the supermarket chain is central to growing profits.
Unexpected Arab Spring altered Spinneys’ plans to further expand into new territories within the Middle East.
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