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Tesco Hungary closed good year in 2010

UK’s retail giant Tesco’s group sales increased by 8.1% and came to £67.6billion, including VAT, in the 2010-2011 financial year, the company said in a press release.

Group trading profit was £3,679 million, up 7.8% on last year and Group trading margin, at 6.0%, increased by 4 basis points. Underlying profit before tax rose to £3,813 million, an increase of 12.3%. Before property, underlying profit before tax grew by 12.2%. On a statutory basis, group operating profit rose by 10.2% to £3,811 million. Group profit before tax increased 11.3% to £3,535m.

In Hungary, Tesco generated gross revenue of HUF 666 billion last year, and opened 29 new stores in the country. It has also created more than 700 new workplaces.

Tesco paid HUF 70.5 billion in taxes in 2010, of which the crisis tax the government imposed on the retail sector was HUF 10.7 billion. With this, the company became the fifth largest taxpayer in Hungary, Tesco said in the press release.

“Our company realized investments of nearly HUF 40 billion last year in Hungary,” recently appointed Tesco CEO Gerry Gray said. “We also provide solid market for local suppliers, both in Hungary and abroad. This shows that Tesco’s commitment to Hungary has remained unchanged.”