Spanish cooperative retailer Eroski reported narrowing full-year losses as lower financing expenses and measures to strip costs out of the business helped offset declining sales.

The group said Friday (25 May) that losses fell to EUR36m (US$45.3m), an improvement of 44% on the previous year’s loss, which totalled EUR64m.

Eroski said lower losses were driven by lower financial expenses. Over the past three-years, Eroski has reduced its total debt by one-third, the company revealed. Eroski also registered a gain of EUR113m for the impairment of assets.  

During the period, Eroski also successfully reduced its operating costs by EUR94m due to “austerity measures” and improved efficiency, the company said.

Over the past 12 months Eroski said sales dropped 3.2%, net of VAT, to EUR6.63bn due to investments the company is making in price and the turbulence currently influencing the Spanish economy. The company invested EUR123m in pricing to ensure that it offered consumers “the most competitive price”.

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