Tesco CEO not Optimistic About Inflation
There is indeed huge income in retail, but we cannot talk about the extra profit, which Tesco must also pay into the state coffers this year and next, Zsolt Pálinkás, CEO of Tesco-Global Zrt., told portfolio.hu.
The sector also finances the costs of the price cap, however, the official prices introduced for certain foods are unsustainable in the long term due to their market-distorting effect.
The head of the department store chain is not at all optimistic about inflation. He believes that some sectors should prepare for a recession.
Tesco is also sensing the downward trend in purchasing. For instance, customers who previously preferred a premium product are now trying a different category, including the cheaper versions, and the age of instant discounts is also coming, he added.
ADVERTISEMENT
Hungary Trade Surplus at EUR 308 mln in April
Parl't Approves Amendments to Legislation on Judiciary
Masterplast Sets up JV with Market Épitő
Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov...
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.
