Mexican retailer Soriana has posted a 38% drop in first-quarter net earnings as a result of debt payments and foreign exchange losses.


The company’s earnings dropped to MXN417m (US$29m) from MXN676m from the comparable period of the previous year.


Revenue also dropped, by 0.8% to MXN22.23bn, hurt by the economic slowdown.


The company’s financing costs totalled MXN379m for the quarter.

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