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Tesco Posts Loss In The Czech Republic

Published on Mar 9 2015 7:26 AM in Retail tagged: Featured Post / Trending Posts

Tesco Posts Loss In The Czech Republic

Tesco posted a CZK4 billion (€146 million) loss in the Czech Republic in fiscal year 2013/2014, the British retailer has said in its annual report.

The results for the fiscal year ending on February 28, 2014, were influenced above all by an increase in the adjusting entry for long-term assets — land and buildings — in the amount of 4.362 billion Kč, the report said.

"Excluding these extraordinary asset write-offs, Tesco maintained profitability in the Czech Republic," Tesco spokesman Jiří Mareček told the Czech News Agency.

"We manage to keep a positive trend and increase sales in annual terms in the first three quarters of this fiscal year," Mareček said.

Results for the entire financial year for the Tesco group will be released in line with the financial calendar of Tesco PLC, on 22 April, 2015, Mareček added.

Tesco said at the beginning of this year it will close a hypermarket in Ústí nad Labem, north Bohemia, and a supermarket in Prague-Smichov. It said strong competition in the area and a disadvantageous location of the shops are the reasons behind the closure.

Slovak daily Sme said earlier last week Tesco is considering departure from some countries in Central Europe, including the Czech Republic and Slovakia. Tesco did not confirm this information.

Tesco operates more than 200 shops, 19 gas stations and seven shopping centres in the Czech Republic. It employs almost 14,000 people.

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