Retail chain Tesco Hungary expects EUR 2.2bn sales in 2009.

By bne IntelliNews December 21, 2009
The total sales of the Hungarian unit of UK retailer Tesco are expected to reach HUF 602bn (EUR 2.2bn) in 2009, representing a slight improvement in y/y terms, the company deputy CEO, Erzsebet Antal, reported. Its performance would thus significantly beat the average market contraction, which could be due to the continued expansion of the unit. Tesco Hungary opened 12 new hypermarkets in the country during the year as well as 11 of the smaller TescoExpressz outlets. In total, the retailer operated 102 hypermarkets, 19 TescoExpressz facilities and 26 Smarket stores in the country as of end-2009. Antal explained that the crisis affected the retailer through a shift of consumer preferences to discount prices, prompting the company to increase financing for discount prices to HUF 10bn in 2009. In this respect, the main priority of Tesco was to retain its client base, taking into account the negative unemployment trend, the VAT rate hike from July and the elimination of the bonus payments in the public sector. Overall, Tesco registered a 2% y/y prices growth during the year.

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