Tesco Ireland sees strong sales growth
Following a 6.1% rise in sales in the first half of this financial year, it's estimated Tesco will post a profit in the region of €280m for its Irish business.
Print11 October 2010
Tesco Ireland is set to increase revenues to more than €3bn in the current financial year after the global retailer reported 7.7% sales growth here for the six months to the end of August, according to the Irish Independent. It is estimated that the UK retailer will post a profit in the region of €280m for its Irish business.
Philip Clarke, Tesco’s chief executive designate who’s replacing outgoing chief executive Sir Terry Leahy, said that in Ireland, the retailer had “continued a remarkable turnaround following a restructuring of the business last year”. Although describing Ireland’s economy as “lacklustre”, the company had made “good market share gains” and delivered “strong profit performance”.
Tesco’s Irish sales were down 7.5% in the last financial year but in the first half of this financial year, sales rose 6.1%.
In a statement, Tesco said that it had made “fundamental changes” in Ireland last year to cope with the effects of the “unprecedented economic contraction”, and maintained that customers had responded to improved pricing and that significant uplifts in volumes had “more than offset” the impact of lower prices.
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