Slovenian retailer Mercator Group has reported €564.6 million in revenue for the first three months of 2017, representing a drop of 6.7% year-on-year.
However, the retailer, which is part of Croatia's Agrokor Group, says that in real terms the annual decline was about 0.7%, given that the company divested some of its activities that are not part of the core business.
Net profit in the same period jumped 64.1% to €1.1 million, while operating profit amounted to €5.9 million.
Progress
Sales decreased in Slovenia and in the markets where Mercator operates real-estate activities (Bosnia-Herzegovina, Croatia), however, sales significantly increased in Montenegro.
In the period January to March 2017, Mercator completely renovated 22 stores, including 8 hypermarkets and 14 supermarkets, while at the same time renting six retail spaces. The biggest investment in the first quarter was in Slovenia, with the opening of a newly-built shopping mall in Bled.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
