Mexican retailer Organizacion Soriana posted a jump in second-quarter profits as efficiency improvements offset a drop in sales due to the recession.
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Mexico’s second largest supermarket reported second-quarter profit of MXN884m (US$67.1m) while EBITDA rose 5,6% to MXN1.7bn.
Second-quarter sales totalled MXN22bn, down from MXN22.77bn last year. Same-store sales dropped 4.7% as consumption fell in response to the economic recession, the company said.
Nevertheless, the decline in sales was offset by an increase in margins, with operating expenses falling to 13.1% of sales, down from 13.4% of sales last year.
Financial expenses fell due to lower borrowings, interest rates and currency exchange gains, dropping 79% to MXN71m. The company said it reduced net debt by MXN2.6bn in the second quarter, to MXN12.3bn.
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