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Tesco records record loss in 2014, Slovakia better

TESCO's poor financial results were impacted by an accounting scandal related to the over-valuation of the firm’s profit and the by decline in revenues caused by the pressure of discount outlets and price war among sellers. The loss includes also restructuring costs and depreciation of stocks.

Slovak food inspectors imposed fines on Tesco.(Source: Sme- Vladimír Šimíček)

The company also informed it plans to unify managements of its operations in the Czech Republic, Slovakia, Hungary and Poland in an attempt to make its business more competitive, operation manager of Tesco Stores SR Martin Kuruc told SITA.

Tesco operates more than 150 shops in Slovakia where it has been present since 1996 through Tesco Stores SR, a. s. Recently, it has expanded mainly with the format of supermarkets with smaller floor space. With its more than 10,000 employees, it belongs among the biggest private employers in Slovakia, SITA wrote.

Although the austerity measures could impact also the operation in Slovakia, local managers have so far not confirmed such development, the Sme daily wrote. Here, Tesco has also marked a decline in revenues, but only a mild one: from €1.382 billion in 2013 to 1.318 last year (in 2.8 percent year-on-year on “like-to-like” basis, according to Sme.  

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