Dutch retailer Schuitema has seen operating profit and sales fall during the first half of its fiscal year as a result of store disposals.
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The company said that retail sales at it C1000 chain dropped 10.7% to EUR2.01bn (US$2.87bn) during the 28-week period while net sales were down 9.8% to EUR16.41bn.
Operating profit plummeted 35.4%, falling to EUR28.6m, down from EUR44.3m in the comparable period of last year.
Schuitema president Tom Heidman said that the fall in operating profit was the consequence of the group’s disposal of 61 stores.
However, average sales per store were up 5%, demonstrating the “success” of “commercial actons and initiatives like the successful Euro Weeks”, he said.
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By GlobalData
