Spain's Eroski Posts Increase In Profits In Full Year 2017
Spanish retail group Eroski has posted a 5.7% increase in profit before tax to €55.7 million in its full year 2017.
The group recorded net sales of €4.79 billion for the period, which saw Eroski invest massively in converting stores to its 'Contigo' format.
The group opened 61 new stores in 2017, and now boasts more than 600 new generation stores, which together represent 65% of food sales.
Financial debt was reduced by €167 million during there year, which means that the total repaid debt to €646 million for the last three years.
Eroski also noted that it now boasts more than six million loyalty card members, and transferred some €260 million worth of offers, in the form of personalised offers and coupons, in the past year.
Eroski's business network encompasses 1,651 stores, in Galicia, the Basque Country, Navarra, Catalonia and the Balearic Islands.
Earlier this month, the retailer announced plans to expand its store conversion process to include its 22 supermarkets in the Balearic Islands this year.
It also recently revealed that its joint purchasing venture with DIA, Red Libra Trading Services, has now been discontinued, as of 22 May 2018.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.