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European retailer El Corte Ingles profits down by 34%

RBR Staff Writer Published 30 August 2012

European department store chain El Corte Ingles has reported a drop in its profit for 2011 due to tough economic conditions.

The company, which operates department stores, supermarkets and hypermarkets in Spain, posted a 34% decline in its earnings.

Sales fell about 4%, although El Corte Ingles noted that sales across Spain's retail sector fell more than 5%, and added that the company retained its market share.

On the other hand, DIA and Mercedona, have grabbed market share from costlier retailers with lucrative deals, said Reuters in a related report.

El Corte Ingles is now offering price cuts on items like soy milk and mini donuts, jam and soy milk to spur consumers to purchase more.

The retailer is a household name in Spain with one in every four person reportedly having an El Corte Ingles card.