Mexican retailer Organizacion Soriana is eyeing savings of about MXN2bn (US$151.7m) this year through a series of cost-cutting measures, a spokesperson for the company confirmed.

"We are looking at various ways to remove costs from the business… as is prudent in the existing economic climate," the spokesperson told just-food this afternoon (23 April).

Measures include cutting administration costs, streamlining distribution processes, "shift optimisation" to reduce labour expenses and cuts in the workforce, the company said.

While the spokesperson declined to comment on the expected scale of job losses, he did reveal that shift optimization would mean reduced overtime for employees.

In a statement released earlier today, the company said the move would not have an impact on store operations or sales.

The company has witnessed a dramatic plunge in fourth-quarter net profit, which slid 72% to MXN281.2m due to falling consumption and increased competition in the Mexican market. Full-year net profits dropped to MXN4.8bn in the year ended 27 February, down 9.7%.