Spar Magyarország expects end to challenges

Telco

Retail chain Spar Magyarország foresees an end of a financially challenging year, although much depends on the outcome of a European Union probe of Hungaryʼs raised supermarket oversight fee, managing director Gabriella Heiszler said yesterday on the 20th anniversary of operating in the country. 

The European Commission launched a probe of the Hungarian measure in July over concerns of "steeply progressive rate structures", Hungarian news agency MTI reported. Application of the higher rates has been suspended pending the outcome of the investigation, the news agency added.

Spar Magyarország expects a turnover of more than HUF 410 bln this year, slightly up from last year’s HUF 400 bln in 2014, the announcement said. The company booked a HUF 18 bln loss last year, it added. Spar operates 32 hypermarkets, 337 supermarkets and 14 smaller shops in city centers in the country MTI said, adding that a further 59 Spar stores operate as franchises.

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