Tesco Ireland Sales Down 3.7% In H1
Published on Oct 2 2013 12:51 PM in Retail
Tesco's sales in the Republic of Ireland suffered a 3.7% decline in the first half of the year, according to a first half results statement issued by the retailer this morning.
Irish like-for-like sales (on a continuing operations basis) saw a 3.0% decline in Q1, followed by a 4.4% decline in Q2.
Commenting on its first half performance in this country, the company said: "In Ireland, the economy slipped back, albeit temporarily, into recession and consumers have faced further pressures on household finances. As a result, the limited-range discounters have fared better than those, like us, with a broader offer. We have plans to address this in the second half."
The performance follows on from a 0.9% drop in sales in the second half of 2012, which led to a 0.3% decline in its full-year results last year.
Overall, Tesco saw its group sales rise 2.0% at actual exchange rates to £35.6 billion (and 0.5% at constant exchange rates), while group trading profit fell 7.6% at actual exchange rates to £1.59 billion (-8.8% at constant exchange rates).
Statutory profit before tax fell 23.5% to £1.39 billion.
“Despite continuing challenges, we have made further progress on our strategic priorities. We are strengthening our UK business, working to establish multichannel leadership and pursuing disciplined international growth," said Philip Clarke, Tesco Chief Executive.
"The challenging retail environment in Europe has continued to affect the performance and profitability of our businesses there. The investments we have made to improve our offer for customers in the region are already starting to take effect and we expect a stronger second half as a result."
© 2013 - Checkout Magazine by Stephen Wynne-Jones