Loss Follows Loss for Spar Hungary

  • 29 Apr 2024 12:33 PM
  • Hungary Around the Clock
Loss Follows Loss for Spar Hungary
Spar Magyarorszag suffered a loss in 2023, similar to the shortfall of Ft 13 billion in 2022, CEO of the hypermarket chain Gabriella Heiszler announced at a press conference on Wednesday.

Asked whether Spar is planning to leave Hungary, she said "This is not decided by me, but by the owner but, based on talking with him, no."

Spar's revenue increased by 15.8% last year to Ft 1.023 trillion, exceeding the trillion level for the first time.

Sales were down by roughly 4% by volume, a much smaller decline than the 8% in the retail market as a whole, said Heiszler.

Fixed capital investments dropped by 30% from Ft 31 billion to Ft 22 billion, and the chain paid Ft 30 billion in special taxes last year.

Regarding Economy Minister Marton Nagy's recent threat to sue Spar, Heiszler said at the press conference that they had not yet received any official notification of a lawsuit.

Recalling a recent meeting of Spar leaders with Nagy, she said "Obviously, it was a tense conversation, since it happened in a crisis situation, but I think it worked out reassuringly."

As to whether there had been an inquiry from one of Viktor Orban's relatives to buy Spar's operations in Hungary - specifically, the name of Istvan Tiborcz was mentioned in reports.

Heiszler said the Austrian parent company would know this, not the managers of the Hungarian subsidiary. There is a conflict situation now, and everyone is working to end it, she added.


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