Soriana Taking Time To Turn Around Gigante Stores

May 2008 | Company Finance Alert

Mexico's second largest food retailer Soriana has reported an 8.5% reduction in net profit for the first quarter of 2008. The firm's profits were hit by costs relating to the integration of the Gigante chain of supermarkets that it bought in December 2007. However, Soriana's revenues for the quarter jumped by a massive 57.5% to reach MXN22.4bn. This sizable increase in sales should eventually pave the way for a number of financial savings driven by improved buying power and economies of

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