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Tesco Ireland Up 1.1% In First Half Of Financial Year

Tesco’s Irish operation posted a 1.1% increase in like-for-like sales in the first half of the retailer’s financial year, according to results issued this morning (4 October).

The group’s Irish business saw a 0.2% increase in like-for-like sales in the first quarter of the year, followed by a 2.0% increase in the second quarter.

Overall, the UK-based retailer posted a 0.7% increase in group sales (at constant rates) in the first half, recording sales of £25.2 billion for the period. At actual rates, sales were up 3.3%.

'Strong Progress'

“We are continuing to make strong progress,” chief executive Dave Lewis said in a statement. “Sales are up, profits are up, cash generation continues to strengthen and net debt levels are less than half what they were when we started our turnaround three years ago.

“All of this is possible because of the focus we have placed on serving shoppers a little better every day. Our offer is more competitive and more customers are shopping at Tesco”

Group operating profit was up 23.7% for the period to £759 million.

“Today’s announcement that we are resuming our dividend reflects our confidence that we can build on our strong performance to date and in doing so, create long-term, sustainable value for all of our stakeholders,” Lewis added.

© 2017 - Checkout Magazine by Stephen Wynne-Jones

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