In the 12 months ended 31 January, Eroski recorded a net loss of €121 million, almost three times its losses in the previous year, which stood at €43.01 million. Gross sales reached €6.2 billion representing a 6.3% decrease compared to last year.
The Spanish retailer blamed the losses on weak consumer spending and a 'stagnant' real estate market. Despite this, Eroski said that its new hypermarket and supermarket models have shown sales growth of 15% and 9% respectively. Eroski opened 64 stores during the period in question, with the retailer planning to open a further 65 stores, either owned or franchised, during the next fiscal year. During its annual results presentation, Eroski also announced that it will cut prices on 3,000 products in the month of June, across all of its store formats.
