Retail conglomerate Tengelmann has posted results for its financial year ending December 31, 2011.

The retailer said it was cautiously optimistic about the future amid an uncertain economic environment as the euro crisis continues. Group turnover – including ecommerce operations but excluding the US business disposed of in March – increased by 2.4% to j10.78bn (£8.46bn).

32% of group sales were generated in foreign markets, all of which are now in Europe. By the end of 2011, Tengelmann had a total of 4,256 stores in Germany as well as operations in 14 foreign countries.