Slovenian grocery retailer Mercator said net income for 2010 exceeded its forecast for the year as it rose 43.9% to reach EUR30.4m (US$41.9m).
The group said yesterday (1 March) that sales rose 5.2% at constant exchange rates to EUR2.8bn, which it said it achieved “despite a difficult macro-economic situation and a slump in purchasing power”.
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Over the year, the retailer said it strengthened its foothold in the western Balkans, completing its acquisition of Getro’s trade activity in Croatia, and the acquisition of Pantomarket and Plus commerce in Montenegro. It also took over some 22 Coka outlets in Serbia.
In a summary of its annual report, the Balkans-based retailer said it plans to “rank among the five retailers of fast moving consumer goods” in its new foreign markets, which include Bulgaria, Albania, Macedonia and Kosovo.
Mercator said it is already operating retail outlets in Bulgaria and Albania, while it has established its business infrastructure in the other two markets.
Click here for the retailer’s full earnings statement.
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