Spanish cooperative retailer Eroski has reported a signficant operating loss for the first half of the year, ending 31 July. The group recorded a loss of €50 million, compared to a loss of €16 million for the same period last year.
Revenues fell 3.8 per cent year-on-year to €3.1 million, and the retailer's customer traffic showed a 0.9 per cent decline during in the period. An "unfavourable macroeconomic environment" was cited as the cause for the weak performance.
Eroski said the sale of real estate assets in 2011's first half contributed exceptional profits of €37 million. "If you do not take into account these real estate transactions, the result would have improved by €21 million," it said.
It was also added that the "selective restructuring investment and asset reduction" will aid the financial stability of the company.
The group operates a network of 2,200 stores, employing 40,555 people, 13,772 of which are joint owners. (4 Oct)
© 2012 - ESM: European Supermarket
