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Tesco Ireland To Post ‘Improving’ FY Performance: Shore Capital

Ahead of the publication of Tesco’s full year results on Wednesday, which includes the results of its Ireland operation, a leading analyst has told Checkout that he expects the group’s performance to have improved.

Clive Black of Shore Capital Stockbrokers said that he anticipated Tesco Ireland’s figures to be “negative, but much better” than in recent quarters.

This will encompass a “materially improving trading performance, against favourable comparatives, reflecting demonstrable improvement in the presentation of stores,” Black said.

Black also noted that positive developments in the economy here are likely to be reflected in Tesco’s Irish performance.

On the wider Tesco group performance, Black said the retailer “set out early into the current financial year that the focus of management is the strengthening of the organisation set around three priorities: to regain UK competitiveness, protect and bolster the balance sheet and rebuild trust and transparency.

“Whilst the UK market has remained undoubtedly challenging, we believe that the major programme of cost reduction set around the mantra of simplification has delivered results that are evident in-store and we believe will feature in the preliminary results update too.”

© 2016 - Checkout Magazine by Stephen Wynne-Jones

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