Business News

Mercator's End-Year Profit Halved

Ljubljana, 15 December (STA) - Mercator, Slovenia's leading retailer, expects to end the year with a net profit of EUR 20.8m, down 49.1% over the year before, due to a tougher-than-expected business environment and extensive cost of price reductions.

Group net revenue is expected to amount to EUR 2.66bn, down 2% year-on-year, Mercator said in a statement after Tuesday's statement of the supervisory board.

Mercator expects 2010 to be as challenging as this year, as the lackluster economy will continue to have a negative impact on the structure and scope of consumption.

Group sales are thus expected to reach EUR 2.75bn, up 3.6% over this year, while net profit is projected to rise only marginally, to EUR 21.9m.

Mercator dropped 0.32% to EUR 155.75 in meagre trading on the Ljubljana Stock Exchange today.

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