Tesco reports lower profits and is laying off staffers

The retailer explains it is undergoing changes, with plans to focus on selling groceries.

Illustrative stock photoIllustrative stock photo (Source: SME)

The biggest retail chain in Slovakia, Tesco, reports a lower number of staffers as well as lower profits.

While two years ago, there were more than 10,000 people working for Tesco Stores SR, in late February 2019 it was only slightly more than 8,500.

At the same time, the total revenues from selling goods and services amounted to €1.433 billion, down by 1.2 percent year-on-year, as stems from the published financial statement for the previous financial year which ended in February 2019.

The retailer’s net profit dropped by nearly 47 percent y-o-y to €49.8 million, the SITA newswire reported.

Tesco sold several premises

The data suggests that Tesco Stores SR failed to follow up with its record 2016/2017 financial year, when revenues amounted to €1.451 billion. In the following two years, the revenues were slightly dropping. The revenues from selling goods fell by 1.4 percent to €1.367 billion last year, while the revenues from services amounted to €43.9 million and income from rentals to €21.9 million.

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