Tesco's Czech stores get smaller but profits double

Tesco's Czech stores get smaller but profits double

Published at: 2019-10-25 12:40 | Author: CIJEurope.com
Tesco Stores saw its financial year end in February with double the profits it made in the previous year. The company's spokesman said its profits of CZK 2.5bn were thanks to a reduction of inventory levels by CZK 368m to CZK 2bn. But he also mentioned the retailer's ongoing move towards reducing floorspace. "We continued the process of transforming from large-format hypermarkets to smaller hypermarkets," he told E15. Despite its slimming efforts, Tesco's revenues slipped just 2 percent to CZK 44.5bn. It has nearly 200 stores in the Czech Republic along with 100 franchised Žabka stores and 18 filling stations.

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