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Pepco Group has announced that it is set to cease its operations in Austria as it does not foresee that the Austrian market will reach the appropriate level of returns expected.
The company stated that the exit from the Austrian market will improve the group’s cash flow and underlying profitability for 2024.
It will also enable Pepco to focus on other markets where it can generate higher returns.
The exit from Austria does not impact the group’s commitment to continue its existing growth strategy in Western Europe.
The group entered Austria in September 2021 and currently operates 73 Pepco stores in the country.
This news comes after the company posted record Q1 revenues of €1.9bn (£1.63bn) up 10.8% and boosted by new openings.
Despite this group like-for-like revenues declined 2.3% in Q1, but with an improving trend during the quarter.
