Greek retailer AB Vassilopoulos has revealed that profit dropped 72 per cent to €2.1m (down from €7.6m) during the first quarter of the year as consumption levels dropped during the continued economic slowdown.
Sales actually increased at the Delhaize-owned group by 10.9 per cent to €347m thanks to expansion and upgrading work, but this growth was relatively slow compared with the same period of 2008.
'The adverse economic environment and a slowdown in consumption had a negative impact on first-quarter sales,' the group said in a statement.
