Tesco’s Irish Division One Of Its Worst Performing
Published on Apr 19 2014 9:39 AM in Retail
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.
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