Sales of McDonald's Operator in Hungary Climbs 38%
8th.creator / Shutterstock.com
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.
Watchdog Fines UniCredit Bank Hungary for Regulatory Shortfa...
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
