Spanish cooperative Eroski achieved a net profit of €63.9 million in 2022 (-39% year-on-year) and an operating profit of €204.0 million (+10%), the company said in a statement.
Gross sales for the year increased over 7% to €5.5 billion, boosted by higher pricing due to inflation (+12%).
The increase in the turnover of private label products (+7%) contributed significantly to sales, the group said, although sales volumes dropped 2%.
EBITDA exceeded €280 million as a result of the implementation of efficiency measures in all processes, it added, mitigating the effect of inflation on consumers, while the company's financial debt was reduced by €44 million to €909 million.
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Growing Market Share
Eroski ended the year with a 13% share in the northern Spanish market (including Galicia, Basque Country, Navarre, Catalonia and the Balearic Islands).
The cooperative improved its market share in Galicia and the Balearic Islands, maintained a leadership position in the Basque Country and Navarre, and put in a stronger performance Catalonia.
During 2022, 78 new stores were opened, of which 67 were franchised, taking the group's franchise network to over 600 outlets, while 91 stores were renovated.
At the end of 2022, Eroski's commercial network consisted of 1,656 outlets, including supermarkets, hypermarkets, cash & carry and online supermarket; in addition to petrol stations and other non-food businesses.
Elsewhere, Eroski invested €18.5 million in its fresh product platform in Sigüeiro, in Galicia.
According to CEO Rosa Carabel, Eroski passed savings worth €335 million on to consumers "through intense promotional activity as well as price surveillance and adjustment".
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© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
