Slovenian retailer Mercator has reported net profit losses of €16.5 million for the first half of the year compared to profit of €18.5 million for the same period last year. While sales revenues increased 1.1 percent to €1.4 billion, increasingly difficult economic conditions and the depreciation of the Serbian dinar had negative effects.
The company has said it will "revise the business trend and put the company in good shape", and has identified where up to €68 million can be made in savings through new cost control measures brought in under CEO Toni Balazic who took over on 18 May.
Mercator claims to be the largest retailer in the region and operates stores in Slovenia, Croatia, Bosnia, Montenegro, Serbia, Bulgaria and Albania, employing 22,998 people. (29 Aug)
© 2012 - ESM: European Supermarket
