Dutch supermarket operator and wholesaler Sligro has booked a 25.2% drop in operating profit as intense price competition and challenging economic conditions weighed on margins.
The firm revealed this morning (19 July) that net profit dropped 22.6% in the period, declining to EUR26m (US$32m).
However, the group's focus on competitive pricing saw sales rise 2.1%, driven by like-for-like gains.
CEO Koen Slippens said the firm was "dissatisfied" with the result. The group said it would look to improve its second half preformance, but conceeded that this presents a "tough challenge" given the extreemely competitive nature of the Dutch market.
Source:
http://www.just-food.com/news/sligro-h1-profit-down-one-quarter_id119844.aspx