Dutch grocery retail group Laurus has reported a first-half loss in line with company expectations as its operations were hit by fierce competition in the Dutch retail market.
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Laurus posted a first-half net loss of €15m (US$18.3m), compared to a net profit of €7m in the same period of the previous year, reported Reuters.
The company, which is 38.7% owned by French retail group Casino, said a continuing price war would hurt results for the rest of the year.
“It is clear that the price war has drawn heavily on the net result in the first half of 2004. Given the bad market situation, the management board does not expect to close the year 2004 with a positive net result,” Laurus was quoted by Reuters as saying.
Laurus reported consolidated first-half turnover of €1.78bn, compared to €2.18bn a year earlier. Like-for-like sales fell 7.7%.
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