Food prices rose 15-20% last year
Retail food prices rose 15-20% last year, estimates Stanislav Čajka, CEO of Terno RE retailer. The statistics office ŠÚ reported a 28% growth pace, but Čajka says it did not take sales into account, which were more aggressive last year than before. He admits that prices of basic foodstuffs rose the most. He expects food prices to start falling in the second half of this year, because of lower prices in global commodity markets. Dairy, oil, and flour prices will go down first, but will remain above 2021 levels.
Last year, Terno RE increased sales by 6% to €200m and expects €220m sales this year. Its EBITDA profit fell by €1m to €2.5m last year. Its sales were down in volumes terms, but rose in financial terms on the back of higher prices and new stores. It plans to increase the number of stores by six to 162 this year. It is discussing further acquisitions and wants to have sales of over €0.5bn within 5-6 years.
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