Grupo Eroski, the Spanish retailer, has posted a net loss of EUR97m (US$131.6m) for 2008 due to the costs of integrating the Caprabo business bought in 2007.
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The company had planned to sell off a number of assets to protect the bottom line but was held back by the slump in the property market.
The retail co-operative generated EBITDA of EUR370m, a fall of 7% on 2007, but said sales jumped 18% to EUR9.01bn.
Eroski also embarked on an expansion programme last year, opening 164 stores and creating over 2,200 jobs.
By the end of 2008, the company comprised 2,420 Eroski stores.
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By GlobalDataHowever, the company said it would “focus its efforts” on “consolidating its existing network” of stores in 2009.
