Pepco operates 248 stores in Hungary. Credit: Grand Warszawski via Shutterstock.com.

Pan-European discount variety retailer Pepco Group has disclosed a significant financial loss following a “sophisticated fraudulent” phishing attack on its Hungarian business.  

The incident led to a cash loss of €15.5m ($16.7m) before any possible efforts for recovery.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company is working with banking partners and law enforcement to recover the funds, although the outcome remains uncertain at this stage. 

The attack did not compromise any customer, supplier or colleague information or data.

Pepco has taken immediate action to address the situation, including a thorough investigation and measures to re-inforce its group-wide IT and financial control environment.  

The company is committed to enhancing its policies and procedures to prevent future incidents. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The retailer has emphasised the strength of its balance sheet, highlighting more than €400m in available liquidity from cash and credit facilities.  

Pepco continues to generate strong cash flow from its operations despite the incident. 

The company’s commitment to financial controls and IT security is underscored by a group-wide review of all systems and processes.  

This review aims to fortify the business against similar threats in the future. The company will provide updates on the situation as they become available. 

The group operates 248 Pepco stores in Hungary and reported that its first-quarter total group revenue grew 11% to €1.9bn in fiscal 2024. 

The European discount retailer recently announced its decision to discontinue operations in the Austrian market.