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Tesco’s Irish Division One Of Its Worst Performing

Published on Apr 19 2014 9:39 AM in Retail

Tesco’s Irish Division One Of Its Worst Performing

Annual results released by supermarket giant Tesco show how its Irish division was one of its worst performing for the period.

Total revenues dropped 5.7% to €2.97 billion while like-for-like sales fell 5.5%.

In the second half of the year, Tesco’s Irish sales fell 8.1% and 6.4% in quarters three and four.

The latest information from Kantar Worldpanel shows how Tesco’s market share had fallen over the year from 27.5% to 26%.

Tesco Ireland said it has made important strides over the last year.

Online food shopping sales were growing with the population coverage at 86%.

The grocery retailer said it had invested in seven stores in 2013.

“We continued to improve our offer for customers in a challenging trading climate,” said Philip Clarke, chief executive of Tesco.

Tesco reported a 6% fall in its group annual profit, as it continues to struggle both home and abroad, particularly to emerging discounters.

Discounters Alid and Lidl now hold a combined 15.4% share of the Irish grocery market.

© 2014 - European Supermarket Magazine

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