Pevec Retail Chain Substantially Increases Profits

Total Croatia News

In the first six months of the year, Pevec had profits 12 times higher than last year.

In the first six months of this year, Croatian retail chain Pevec had 622.5 million kuna of sales revenues, which was 21 percent more than in the same period last year, while net profits increased 12 times, to almost 23 million kuna, announced the company on Friday, reports on August 26, 2016.

“Excellent results for the first half of this year were a result of the completion of expansion of the sales network over the last year, achieving the market positions which provided a major revenue growth, and undertaking marketing investments which positioned the Pevec brand in a different and better way”, said member of the Board of Directors Lidija Kljajić.

Pevec said that, with the implementation of activities for supply chain management, inventory management, logistics processes and portfolios, they have increased the overall profitability of the company. “Particular progress is evident in the wholesale sector, whose revenue growth for the first half of this year was as much as 48 percent compared to last year, as a result of intensive processes related to the strengthening of the sector, taking into account the pricing policy with a goal of not undermining the revenues of retail sector”, said the company in a statement.

They emphasized that the fundamental objective of Pevec was to meet the expectations of customers and business partners, and to establish long-term cooperation and good business relationship with them, which would consequently lead to a higher market share.

The retail chain has 20 sales centres across Croatia and almost 1,400 employees.

During its history, the company was on a brink of being liquidated, but managed to survive, making it one of a small number of such examples in Croatian economy, in which companies rarely survive bankruptcy proceedings.


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