SPAIN: Eroski Swings To Profit In H1

Eroski has reported a net profit for its fiscal first half, a result it attributed to recent changes it has been making.

For the six months ending July, the group reported a net profit of €2.8m, reversing last year’s loss of €27m.  It also saw its operating profit surge up 45% to €54m.  Sales, meanwhile, were stable at €2.96bn for the period.

The group lowered its debt by €196m during the period, invested €45m towards refurbishing 74 stores and improving its IT equipment, and also opened 44 franchise supermarkets.