Cork-based grocery player, the Barry Group, is to roll out eight more of its new "Buy Lo" chain around the country this year.

It already has two stores operating under the discount brand in Ashbourne and Tralee, and now intends to expand it into other parts of the country.

The group, which also operates under the Costcutter, Quik Pick and Carry Out brands, has this morning announced full year results, showing a 12pc rise in pre tax profits for last year to 3m euro.

Barrys supply over 700 stores including 237 affiliated stores in the Republic.

Turnover for the year to January showed a fall in sales to 207m euros from 212.5m euros a year earlier, with the company placing the blame on a consumer spending slowdown and a significant reduction in average customer spend.

Managing Director of Barry Group, Jim Barry said, "We've managed to increase our net profit on a reduced turnover through aggressively managing our cost base and prudent management of credit risk

"The Irish retail environment continues to be extremely competitive and operating margins continue to be squeezed. Our profits in 2009 were driven primarily through reducing our cost base, out-performing the market and re-inventing our retailer offering."

He says the group is actively seeking new sites across Ireland for Buy Lo. The company also plans to double the number of Carry Out stores by 2012.