Dutch wholesaler Sligro has released disappointing Q3 results: an organic turnover decrease of 2.5 % may lead to a significant full-year profit drop.
Growth in Belgium
Sligro's turnover went up 2.3 % to 605 million euros, but that was due to a 30 million bonus from taking over wholesaler De Kweker: like-for-like turnover went down as especially the activities on home soil slumped. In neighbouring Belgium autonomous growth was 4.7 %.
A major part in this turnover decrease is a correction after taking over parts of Heineken: the end of the deal with Heineken's former wine supplier cost Sligro a lot of customers. Moreover, the company so far fails to fulfil its promise of "one order, one delivery, one check".
Sligro expects a transition period to influence this year's results - and possibly those of next year's Q1. The group now expects a 2019 profit drop that may be significant - expecting somewhere between 40 and 45 million euros, compared to 2018's 53 million.