HUNGARY: Tesco sales drop 8.3% | Progresiv

UK-based retail chain Tesco booked revenue of 569.6 billion forints (1.88 billion euros), excluding VAT, in its Hungarian units in the fiscal year ending in February, an earnings report reveals.

Taking into account VAT, sales in Hungarian units dropped by 8.3%. The report added that Tesco had 209 stores in Hungary at the end of the fiscal year, 11 units fewer than in the previous year. Total store space stood at 652,737 sqm.

Tesco reportedly let go 50 employees due to the closure of 11 units, following a thorough review of business practices over the past few weeks, news portal hvg.hu reported earlier. The original estimates put numbers at 570. This was reduced to 150-170 by the end of January. (www.bbj.hu/business)