Agrokor Sees Financial Improvement Following Restructuring
Croatian food and retail group Agrokor has reported an improvement in its overall economic and financial position.
According to the company's report for November 2017, this is due to the financial and operative restructuring of its businesses, which is currently under way.
In line with the group's viability plans, the focus of its business segments has shifted from increasing revenues to generating operating profits.
Agrokor's food businesses recorded an increase in sales revenues in October compared to the previous month.
Oil sales were up 10%, while ice cream, frozen food and meat generated profitable growth through product portfolio optimisation, according to Agrokor.
However, the retail and wholesale sector was faced with challenges due to an increase in promotions and lowering prices in order to achieve competitive advantage.
In October, the group's food retail chain Konzum saw its highest number customers since the beginning of the year, with a 2.1% like-for-like increase in sales, and a 2.7% drop in operating costs.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine