Spanish retailer Eroski has reported a 3.1% year-on-year increase in sales, to €1.4 billion, in the first quarter of its financial year.
Eroski's food segment generated sales of €1.3 million, or 4.4% higher than the same period in 2023, the company added.
The company's growth was driven by positive responses to promotional offers and price containment efforts implemented since the end of 2021 to mitigate the transfer of higher costs to selling prices.
This investment in savings initiatives and price containment occurred in an environment of increasing operating costs compared to the previous year, Eroski noted.
Performance In Line With Expectations
The chief executive of Eroski, Rosa Carabel, stated that the quarter closed "in line with the expectations of the company" and the retailer hopes to achieve EBITDA results in line with those obtained in 2023.
Eroski reported growth in profit and volumes in its full 2023 financial year, with operating profit increasing by more than a quarter (26.9%), to €259 million, compared to the previous year.
Gross sales for the year rose by 6.3%, year on year, to €5.7 billion, despite a 1.2-percentage-point reduction in gross margin. The company reported an 18% increase in EBITDA, to €331 million, during the year.
Charging Infrastructure
Recently, the retailer teamed up with with Iberdrola to install 1,000 charging points for electric vehicles in approximately 300 locations in Spain, over the next three years.
The charging points will be installed in Eroski car parks, gas stations and work centres in Andalusia, Aragon, Asturias, Cantabria, Castilla y León, Catalonia, Galicia, the Balearic Islands, La Rioja, Navarra and the Basque Country, the company noted.
