Mercator Posts 2008 Earnings

Slovenian based mass grocery retailer (MGR) Mercator Group has reported net income of EUR40.76mn (US$51.02mn) for the year ended December 31 2008 while turnover grew 10.8% year-on-year (y-o-y) to EUR2.71bn (US$3.39bn). The retailer is Slovenia's market leader with 36% of the formal retail market and has been flexing its muscles across a number of Central and Eastern European (CEE) markets including Serbia and Croatia. While Mercator is likely to be buoyed by its performance last year, it is bracing itself for considerably more difficult trading conditions in 2009 as most of the region enters into recession. In particular, our forecast

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