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Sales of McDonald's Operator in Hungary Climbs 38%

Food

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First-half revenue of Progress Étteremhálózat, which runs McDonald's fast-food restaurants in Hungary, rose 38% year-on-year to HUF 32.3 billion, state news wire MTI writes, citing an earnings report posted on the website of the Budapest Stock Exchange.

The company noted that pandemic restrictions weighed on sales in the base period. First-half turnover was also supported by an increase in franchise fees as the McDonald's chain expanded in Hungary. Restaurants opened in Pápa, Ózd and Kisvárda in the second half of 2021, and six restaurants opened, in Zalaegerszeg, Pécs, Velence, Eger, Kecskemét and Szombathely, in H1 2022.

Progress Étteremhálózat acknowledged the negative impact on margins of dearer global food prices and higher than planned wage rises. The impact of the weaker forint was reduced through hedging transactions, it added.

"In the changing business environment, we see just one opportunity - to further increase our market share," the operator said, outlining plans to upgrade fourth-fifths of McDonald's restaurants in Hungary by year-end, while also opening several more drive-throughs.

Progress Étteremhálózat posted the report because its corporate bonds are traded on the bourse.

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