Spain: Eroski cuts its losses by 34%

The Eroski Group had net losses in the first half of the year of 31.9 million Euro, which is 34 percent less than in the same period last year.

Between January and July, Eroski achieved a gross operating profit of 103.7 million and an operating profit of 28.2 million Euro. 

Cost cutting in the first semester reached 5.7 percent, with a 14 percent reduction of financial expenses and 47.8 million of the operating expenses. 

In this period, Eroski reached an agreement with creditor banks to restructure its debt, currently amounting to 2,500 million. 

"After this major financial restructuring agreement, we have a transitional 2014 campaign ahead, which will allow us to successfully tackle all future challenges," said the president of Eroski, Agustín Markaide. 

Billing up until July totalled 3,201 million Euro; a decrease of 2.7 percent motivated by the drop in consumption, although smaller than in previous periods and with an increase in market share in the "priority areas" for the cooperative.

In the first six months of the year, Eroski has opened 38 franchised supermarkets and has continued the implementation of its new business model, called "With you", with an investment of 17 million and creating 266 jobs.