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Tesco Ireland Reports €85.53m Profit For Last Year

By Donna Ahern
Tesco Ireland Reports €85.53m Profit For Last Year

Tesco Ireland has reported a €85.53 million profit in the year to 25 February 2023.

The retailer noted that its sales turnover in Republic of Ireland reached €2.98 billion during the period.

Tesco Ireland noted that total sales in the year grew by 4.8%.

Natasha Adams, CEO, Tesco Ireland, CEO, said, “Earlier this year (January 2023), we made the decision to begin publishing our statutory accounts for Tesco Ireland to address transparency in our business, and demonstrate the significant contribution that Tesco makes to the Irish economy.

"The strong performance of the Tesco Ireland business is a testament to the hard work of our 13,000 colleagues, as well as our long-standing commitment to serving customers in the extremely competitive Irish grocery industry landscape."


Investment In Irish Market

Tesco made its first strategic acquisition in 25 years in 2022, when it completed the purchase of Joyce’s independent supermarkets in Galway (Gresham Properties Limited), adding nine new stores to its portfolio in the year.

The company highlighted that it is investing over €80 million in the Irish market this year, with plans to open eight new Tesco Ireland Express stores.

These new stores will create over 100 jobs in local communities, as well as internal role transfers for existing colleagues, and will also open up new management and career opportunities.

Read More: Tesco Ireland Acquires Ten Galway-Based Joyce’s Supermarkets


'Challenging Year'

"In a challenging year for many customers, this has allowed us to invest in keeping the cost of the weekly shop as affordable as possible, working closely alongside our supplier partners," added Adams.

"Tesco, as a group, is the single, largest purchaser of Irish food and drink in the world, buying €1.6 billion a year; more than any other single country in the European Union. We are very proud of this contribution to the Irish agri-business sector."

Read More: Tesco Ireland To Invest €80m In New Stores And Store Upgrades In 2023

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