Croatian market leader Konzum is facing increased competition from rival retailers, new data has shown.
According to Fina data published by T-Portal, Konzum reported pro-forma full year turnover of HRK 9.6 million (€1.3 million) last year, a increase of 1.15%
This puts it about HRK 3.8 billion ahead of its closest rival, Lidl, however the discounter is catching up, the data shows.
Catching Up
Lidl ended 2019 with a turnover of HRK 5.9 billion (€782.5 million), up 13.3% on 2018.
The discounter also outperformed Konzum in terms of pre-tax profit, posting profits of HRK 434.7 million (€58 million) in 2019, up 25% year-on-year.
Konzum reported profits of HRK 129 million (€17.1 million) in the period, which was down by 54%.
Spar holds third place in the market with revenue of HRK 4.8 billion (€636.6 million) last year, which was up 6.2%, but the retailer ended the year with a loss of HRK 26.3 million (€3.5 million)
The largest domestic player, Plodine, holds fourth position, reporting HRK 4.4 billion (€583.6 million) in revenue last year, a 3.6% increase. However, profits were HRK 165 million (€21.8 million), an increase of 12.3%.
Fifth-placed Kaufland generated HRK 3.9 billion in revenue (€517.3 million) last year, up 7.1%, and made HRK 58.8 million (€7.8 million) in profit.
The second largest local player, Split-based Tommy, continues to cope well with foreign competition, increasing revenue by 9.7% to HRK 3.1 billion (€411.2 million) in 2019, and achieving a profit of HRK 152 million (€20.1 million).
Increased Funding
Closing the top 10 is Studenac, a retail chain that has seen continued growth since the arrival of new owner Polish fund Enterprise Investors and the acquisition of Istarski Supermarketi and Sonik. It ended the year with a turnover of HRK 1.7 billion, up an impressive 1,465%, and profit of HRK 31.6 million (€4.2 million).
The list also includes other retailers for which the sale of food products is not the main activity, such as Pevec, DM and Muller Trgovina.
Presenting the data, T-Portal noted that the year 2019 saw 'record results' for many retailers, due to improved consumer optimism, a top tourist season and above-average wage growth.
© 2020 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.
