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.