Organizacion Soriana, the Mexican retailer, has posted a jump in third-quarter profits, with cost cuts offsetting a slowdown in sales.

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In a filing with the Mexican stock exchange, Soriana said net profit rose to MXN551.7m (US$40.8m), up from MXN262.9m in the third quarter of 2008.


Soriana’s sales were hit by the recession, dropping from MXN23.85m last year to MXN21.96m in the third quarter of this year. Same-store sales were down 9.8%.


However, last April the company embarked on a cost-cutting programme, which has seen administration and distribution streamlined as well as cuts to the workforce. The company said that savings totalled MXN447m in the quarter.


The company’s margins improved by 1.2% to 20.6%, the group added.

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