Both theoretical and practical importance have recently been attached to an analysis of the operating profit margin or earnings before interest, taxes, depreciation and amortization (EBITDA margin) as a measure of the long-term performance of companies. In the integrated financial reporting it is presented through various indicators based on it. In view of this, we have made a comparative analysis of the operating profit margin and its impact on the performance of food trade companies in Serbia and comparable countries. Under the influence of different factors, the dynamics of the size of the operating profit margin of food trading companies in Serbia varies from comparable global food retailers in various countries. Based on the obtained results of empirical  research, we can also conclude that the EBITDA margin of the leading food trading companies in Serbia is lower than the in analyzed comparable food retail trade companies from the developed market economies. It points to the conclusion that it is necessary to efficiently manage revenues, costs, profit, assets, and financial structure in order to improve the performance of food trading companies in Serbia in the future. The general conclusion is that it shows a growth tendency and is, nevertheless, lower in comparison to food trading companies from countries of a developed market economy. In order to increase the operating profit margin, as a measure of long-term performance, it is necessary to manage the financial structure of the food trading companies in Serbia as effectively as possible.


Download data is not yet available.


1.Annual Report Tesco 2017.
2. Annual Report Carrefour 2017.
3. Annual Report Ahold Delhaize 2017.
4. Berman.B. and Evans. J. R. and Patroli, M. C. (2018). Retail Management Boston: Prentice Hall.
5. Calva, A. (2017). Case of financial ratio analysis: Food retail industry in Canada (2012 –2016).Acus Consulting Ltd., 1-13, Retrieved from (July 31, 2018).
6. Carstea, G., Corbos, R.A., Popescu, R.I. and Bunea, O.I. (2017). Analysis of the influence of some indicators on the profitability of the FMCG retail market in Romania. Proceedings of the 11th International Management Conference „The Role of Management in the Economic Paradigm of the XXI Century“, November 2nd-4th, Bucharest, Romania, 481-492.
7. CSIMarket, Retrieved from (December 14, 2018).
8. Corona, R. (2014) .Comparative Analysis of Major US Retailers Based on Enterprise Marketing Efficiency. Global Business research, 8(4), 25-39.
9. Enterprise Value Multiples by Sector (US), January 5, 2018, Retrieved from, (July 10, 2018) .
10. Hoe, L.W., Siew; L.W., Wai, C.J. (2017). A Study on the Performance of the Retailers in Malaysia with TOPSUS Model. International Journal of Economic Theory and Application, 5(1), 7-12.
11. Ko, K., Chang, M., Bae, E.S. and Kim, D. (2017). Efficiency Analysis of Retail Chain Stores in Korea. Sustainability, 9(9), 16-29, Retrieved from (July 31,2018).
12. Kenchington, D., Wan,C. and Yüksel, H.Z.(2019). Gross profitability and mutual fund performance. Journal of Banking & Finance, 104, 31-49.
13. Lambrinoudakis, C., Skiadopoulos,G. and Gkionis, K. (2019). Capital structure and financial flexibility: Expections of future shocks. Journal of Banking & Finance, 104, 1-18.
14. Lekić,N., Savić,G., Knežević, S. and Mitrović, A. (2018). The Efficiency analysis in small wineries in the Republic of Serbia. Economics of Agriculture, 65(4), 1529-1544.
15. Levy, M. Weitz. B. A. and Grewal. D.(2019).Retailing Management. New York: McGraw-Hill.
16. Lukic, R. (2011). Estimates of economic performance of organic food retail trade. Economic research, 24(3), 157-169.
17. Lukic, R. (2017a). The Impact of Margin on the Performance of Trade Companies in Serbia. LIMES plus: Journal of Social Sciences and Humanities, 3, 49-71.
18. Lukic, R. and Sokic, M. (2017b). Efficiency Analysis of Trade Capital Management in Serbia. Management Research and Practice, 9( 4), 38-47.
19. Lukic, R. (2018). The Analysis of the Operative Profit Margin of Trade Companies in Serbia. Review of International Comparative Management , 19(5), 458-478.
20. Lukić, R., Lalić, S., Sućeska, A., Hanić, A. and Bugarčić, M. (2018). Carbon diohide emissions in retail food. Economics of Agriculture, 65(2), 859-874.
21. Manini, R. and Amat, O. (2017) .Credit Scoring for the Supermarket and Retailing Industry: Analysis and Application Proposal. European Accounting and Management Review, 4(1), 75-88.
22. Popović, S, Janković, I, & Stojanović, Ž., (2018). The importance of bank credits for agricultural financing in Serbia. Economics of Agriculture, 65 (1), 65-80.
23. Shamshur, A. and Weile, L. (2019).Does bank efficiency influence the cost of credit? Journal of Banking & Finance, 105, 62-73.
24. Q1 2017 Financial Results, X5 Retail Group, Moscow, Russian Federation 27 March 2017, Retrieved from 12, 2018).
25. Sui, Y. (2017) .The Research on the Applications and Limitations of EBITDA. 2017 2nd International Conference on Sustainable Energy and Environment Protection (ICSEEP 2017), 66-69.
26. Špička, J. (2016) .Market Concentration and Profitability of the Grocery Retailers in Central Europe. Central European Business Review, 5(3), 5-24.
27. Tan, Z. (2016) .Application of Discounted Cash Flow Model Valuation – Wal-Mart. MPRA Paper No. 83903, 1-16, Retrieved from (July 31, 2018).
28. Tao,C., Rong,G.J., Kamiya,S. and Pingyi, L.(2019). Marginal cost of risk-based capital and risk-taking. Journal of Banking & Finance, 103, 130-145.
29. X5 Retail Group Annual Report 2017, Retrieved from (December 24, 2018).
30. Ye,J., Zhang, A. and Dong, Y. (2019). Banking reform and industry structure: Evidence from China. Journal of Banking & Finance, 104, 70-84.
How to Cite
VOJTESKI KLJENAK, Dragana et al. THE OPERATIVE PROFIT MARGIN AND INTEREST COST IN RETAIL FOOD. Economics of Agriculture, [S.l.], v. 66, n. 3, p. 799-810, sep. 2019. ISSN 2334-8453. Available at: <>. Date accessed: 18 jan. 2021. doi: