Eroski narrows FY loss | Progresiv
Eroski has reported a smaller net loss for its last fiscal year, even as sales remained almost flat, helped by improvements in its supply chain operations. 
For the year to 31 January 2017, the group recorded a loss of 22.8 million euros, hurt by a new tax regime that came into effect in December 2016, although this was a 63% improvement over the previous year. Meanwhile, pre-tax profits were up 97% to 39.9 million euros, operating profit rose by 20% to 128.6 million euros, and sales (excl. VAT) were flat on the year at 5.29 billion euros.
Eroski said that it invested 87 million euros during the year, which it used to revamp its stores and convert some of them to the ‘Contigo’ format.
The strengthening of the Eroski Club loyalty scheme was also cited as a core driver of the group’s performance, offering around 260 million euros worth of personalised savings to the customer last year, according to the retailer. (www.kamcity.com)
