German grocery retail chain Spar has said its first-half results were hit by sluggish consumer spending and delays in the company’s restructuring programme.
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Spar reported an operating loss of €64.5m (US$70.4m) for the first half of 2003, compared to a loss of €60.9m a year earlier.
Spar, owned by French group ITM, attributed the loss to its supermarket operations. The company also owns discount food store chain Netto in Germany and operates a wholesale division.
First-half sales fell 5.9% to €3.02bn, hit by lower sales at Spar’s wholesale division and supermarkets, due to the weak economy.
The company expects an improved performance in the second half as the company’s restructuring continues and the economy starts to recover, reported Agence France-Presse.
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