CIRCULAR ECONOMY AS A FACTOR FOR IMPROVING PROFITABILITY: AN EMPIRICAL STUDY IN THE BULGARIAN WINE INDUSTRY

This article examines the impact of circular economy principles on the profitability of wine-producing enterprises. The analysis is based on empirical data from 94 enterprises grouped according to the degree of implementation of circular practices. Indicators of return on sales, cost profitability, and return on investment are employed, applying descriptive and comparative statistical analysis. The results reveal a positive relationship between the level of circularity and financial performance. Enterprises with a higher degree of integration of circular practices achieve higher and more stable profitability, while in the early stages a temporary decline in returns is observed due to investment costs. The study confirms that the circular economy has a significant long-term economic effect.