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Analyst: Tesco Ireland 'May Be Starting To Turn The Corner'

Following a challenging year last year, Tesco Ireland "may be starting to turn the corner," according to Clive Black of Shore Capital Stockbrokers.

The retailer releases its Q1 figures for 2015 on Friday 26 June, the same day as its AGM, and Black said that "favourable comparatives", coupled with the fact that Ireland is "back in growth", could prove a boost for the retailer.

"That said, the retailer has no new space to talk of and is coping with deflation," Black noted. "Equally, Tesco’s Irish competitors have tough comparatives."

Black anticipates a low single digit like-for-like decline for Tesco's Irish operation for the quarter, "perhaps with a stronger volume position due to aforementioned deflation."

Last week, Tesco announced a partnership deal with HMV that will see concessions open in approximately 80 stores around Ireland.

© 2015 - Checkout Magazine by Stephen Wynne-Jones

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