Tesco Poland profits slide, store closures expected: report
PR dla Zagranicy
Victoria Bieniek
13.04.2017 11:41
British supermarket chain Tesco has seen a 3.6 percent year-on-year decrease in profits in Poland and will downsize its retail space in 2017, the Rzeczpospolita daily has reported.
Photo: pexels.com
Tesco made a profit of PLN 10.8 billion in the 2016/17 financial year, down from PLN 11.2 billion a year earlier, the daily reported, citing a statement from the mutinational retailer.
“In Central Europe, sales in comparable stores grew in all markets except Poland, which remains a very competitive market,” the statement read, according to the daily.
Meanwhile, the daily reported that Tesco would close some of its Polish locations and reduce retail space at others, seeing its presence in the country shrink by some 33,000 square metres by next February.
The retailer did not say how many jobs would be cut as a result, the daily reported.
Tesco had 429 locations in Poland at the end of February, down from 440 a year earlier.
It currently employs some 28,000 people and sees about five million people walk through its doors weekly.
The British multinational first entered the Polish market in 1995. (vb/pk)