Croatian food processing and pharmaceutical company Podravka ended the first quarter of 2017 with revenues of HRK 913.2 million (€122.7 million), the company said in a statement.
This represents a drop of HRK 83.9 million (€11.28 million) or 8.4% compared to the same period last year, with the company saying that performance was affected by beverage sales, discontinuation of part of a meat program and disruptions in Adriatic markets.
In addition, the group saw a change of distributor for the Western European market and a temporary sales reduction to the main distributor in the Russian market.
International Sales
In the first quarter this year, Podravka Group achieved more than 70% of sales on international markets.
Net profit was HRK 18 million (€2.42 million), down 70% year-on-year.
Sales in the Food segment totaled HRK 723.6 million (-11.2%), of which HRK 615.6 million accounted for own brands (-13.3%) and HRK 107.9 million other sales (+3.1%).
The overwhelming majority of sales (HRK 637.3 million) were achieved in the Adriatic region, followed by the Europe region (HRK 185.5 million).
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
