Spanish retailer Eroski has booked an 8% rise in annual profits despite its promotional strategy hitting revenues.

The company today (18 May) posted EBITDA of EUR434m (US$538.4m), an increase of 8% on the year. Turnover fell 6% to EUR8.42bn as Eroski’s price cuts amid weak consumer confidence weighed on sales.

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However, Eroski said higher efficiency had helped the business cut operating costs by 5.7%, or EUR111m.

Eroski has just over 2,360 food and non-food stores in Spain, including 113 hypermarkets and 1,063 supermarkets.

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