SPAIN: Eroski H1 net losses widen
- Net losses widen to EUR50m
- Net sales slide 3.8%
Eroski said it is “steadfast” in improving the financial stability of the company
Spanish cooperative retailer Eroski has widened its net losses in the first half of the year.
In the six month period, the group recorded a net loss of EUR50m (US$64.5m) compared to a net loss of EUR16m last year.
Eroski said that in the same period of last year it had sold real estate assets that contributed revenues of EUR37m. "If you do not take into account these real estate transactions, the result would have improved by EUR21m," it said.
Net sales declined 3.8% to EUR3.1m, which the retailer blamed the "unfavourable macroeconomic environment". Eroski also said its customer traffic dropped by 0.9% in the period.
Nonetheless, the group said it is "steadfast" in improving the financial stability of the company through "selective restructuring investment and asset reduction".
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