Did you know ...? German retail sales fell in September, as persistently high inflation took its toll on consumption in the Eurozone’s largest economy, reports Reuters. German retail sales fell unexpectedly, by 0.8%, in September, compared to the previous month, data showed on Tuesday. Analysts polled by Reuters had predicted a 0.5% increase. Year-on-year retail sales fell by 4.3%, the data showed. Household consumption was a drag on gross domestic product in the third quarter, the German statistics office noted on Monday, as inflation continued to erode consumers’ purchasing power. “Consumption is unlikely to recover as optimists had hoped,” said Joerg Kraemer, chief economist, Commerzbank.
Did you know ...? Portuguese energy company Galp Energia has lifted its operating profit target for the year, as a widening refining margin offset a decline in output following the sale of its Angolan fields and lower oil prices, reports Reuters. Galp reported a 12% rise in net profit, to €210 million, in the third quarter, less than the €241 million expected by analysts, as taxes rose by 38%, to €434 million, “including €76 million from extraordinary Iberian taxes.” Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) – a measure of operational profitability – jumped by 35%, to €1.06 billion, thanks to a 90% increase in refining margins, to $14.6 per barrel in the quarter, Galp noted in a statement.
Did you know ...? Dutch retailer Ahold Delhaize has announced the acquisition of 100% of Romanian grocer Profi Rom Food SRL from MidEuropa, reports ESMmagazine.com. The transaction is expected to close next year, Ahold Delhaize noted, subject to merger and competition regulations. Ahold Delhaize will pay an enterprise value of approximately €1.3 billion to acquire the chain, corresponding to a lease-adjusted enterprise value of €1.8 billion (post-IFRS 16). MidEuropa commented last month that it was seeking a buyer for the chain. It acquired the Profi business in 2016, from Enterprise Investors.
Read More: Did You Know ...? 24 October 2023