Poland's Eurocash Group has reported 11% year-on-year growth in revenue, to PLN 16 billion (€3.6 billion), in the first half of its financial year.
In the period, consolidated EBITDA increased by nearly 7% to PLN 434 million (€97.2 million) compared to the first half of 2022, the company said in a statement.
Eurocash, which operates the Delikatesy Centrum and ABC banners among others, also managed to fully recover the net loss from the first quarter and ended the first half of 2023 with a net profit of PLN 1 million (€220,000), up from a net loss of PLN 31 million (7 million) in the first half of 2022.
Second-Quarter Performance
Eurocash reported consolidated sales of nearly PLN 8.4 billion (€1.9 billion) in the second quarter, registering an increase of 7% year-on-year.
Consolidated EBITDA amounted to PLN 269 million (€60.2 million), up 5% year on year.
Net profit during the quarter increased to nearly PLN 51 million (€11.4 million) compared to PLN 19 million (€4.3 million) last year, or more than twice as much as in the corresponding period in the previous year.
Commenting on the group's performance, Paweł Surówka, president of the Eurocash Group, said, "The strategy planned for 2023-2025 brings the expected results. The past quarter was the seventh in a row in which the Eurocash Group recorded an increase in sales and EBITDA while building operating cash flows and a strong increase in net profit."
Divisional Performance
The company's wholesale division saw sales up 8% year on year in the second quarter, to more than PLN 6.1 billion (€1.4 billion).
This was driven by a 19% increase in the Eurocash Serwis format and stable sales in the Eurocash Dystrybucja (up 1%) business during the quarter.
Elsewhere, its food retail segment saw sales growth of 3%, to exceed PLN 2 billion (€450 million).
EBITDA in the retail segment in the second quarter increased by 7% year-on-year to PLN 95 million (€21.3 million), as the retailer stepped up promotional activities.
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