The company posted a net loss of Ft 9.9 billion, extending earlier losses, as it goes through a transition period.

Domestic sales accounted for Ft 32.1 billion, compared with nearly Ft 61 billion a year earlier, as the sale of Emag’s Vatera marketplace also weighed on results.

Management attributed the decline to fiercer competition, changes in business strategy, and a shifting economic environment.

As part of a strategic restructuring of its operations, Emag is now focusing on online retail and flexible delivery options such as its Easybox parcel lockers.

The company has sold off physical assets, including a conveyor system, and is preparing to sell its Dunaharaszti warehouse, built at a cost of €100 million.

Emag closed its last remaining traditional store in Budapest’s Etele Plaza at the end of August, citing inefficiency.

The parent company, Prosus, has centralised operations in Romania, Forbes writes.
 

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