Business News

Mercator Group Boosts Nine-Month Profit by Almost 60% Y/Y

Ljubljana, 09 November (STA) - The group around Slovenia's leading retailer Mercator generated more than EUR 2bn in revenues in the first nine months of 2010, which is 3.7% more than in the same period last year. Net profit increased by 59% to EUR 28m, Mercator said in a press release on Tuesday.

Revenues from sales of goods in Slovenia however decreased by 2.3%, which Mercator attributed to a drop in the sales of textile and clothing. Revenues from sales of goods abroad increased by 19.5%.

The growth is attributed mainly to strategic tie-ups with Croatia's Getro and Montenegro's Panto. The depreciation of the Serbian dinar meanwhile had the main negative effect on revenue figures.

The group invested EUR 65m in development of the retail network and strategic tie-ups in the first months. It employed 23,256 people at the end of September, 46.3% of which worked outside Slovenia.

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