Troubled Dutch supermarket chain Laurus has reduced its net losses by the “satisfactory” results through three preferred fascias in Holland of Super De Boer, Edah and Konmar.

Net loss for the year to December 31 narrowed to 128m euros from 442m euros in 2001 with the retailer describing the year as a one of recovery for the group, with developments moving in the right direction.

Laurus said the improved figures were also helped by a “significant” reduction in overheads in the Netherlands, improvement in the net balance of extraordinary income and expenditure, and a lower tax burden.

Last year Laurus, in which French retailer Casino has a 38.6% stake, sold its loss making Spanish operations El Arbol to UK venture firm CVC to focus on its struggling Dutch and Belgian businesses.

It operates over 1,200 supermarkets in the Netherlands and a further 450 supermarkets in Belgium.