Tesco Stores SR posted a record annual profit of €93m. The turnaround comes two years after the retailer posted a loss of €44m. With these recent figures, Tesco doubled its previous €39m record on the Slovak market, which it posted in 2011. It also outperformed competitor Lidl, which reported a profit of €88m last year. Lidl, however, was more efficient: Tesco’s net profit made up 6.75 percent of its revenues, while Lidl’s was 9 percent. Billa reported a net profit of €4m while Metro’s totaled €7m in Slovakia. Tesco’s revival is result of a reduction strategy the retailer implemented in the CE region, where it is reducing its management and store portfolio. To-date, Tesco has sold an older store in Žilina. It is also planning to sell stores in Prešov, Košice and Nitra.
