City Market 2010 Losses Top $7 Million
The full picture of City Market’s 2010 has been reported as the company has published its annual unaudited figures, ending the year some $7.4 million in the red despite generating sales of just under$100 million.
In an interview with the Nassau Guardian, Derek Winford, CEO of Bahamas Supermarkets said: “At the end of the day we will have to make some business decisions. If you look at the loss you could put $7 million of that down to shrinkage so it’s clear our people are able to help turn that figure around.”
The 2010 figures showed that net sales for the company’s stores dropped from $118.5 million in 2009 to $99.13 million this year. However, one bright spark was that the company had managed to cut its costs by just under $1 million, from $30.8 million last year to $29.9 million this year.
By SCOTT ARMSTRONG
Nassau Guardian Business Editor