Tesco has posted its preliminary results for 2015/16, with its Irish unit seeing sales decline 1.9% for the year, following a positive fourth quarter performance.
Like for like sales at the group’s Irish operation were up 1.0% year-on-year in the fourth quarter - its first quarterly increase since 2012, the retailer said.
The retailer’s quarter-by-quarter performance here indicates a turnaround in its performance over the course of the year: Q1 -4.4%; Q2 -2.9%; Q3 -1.2%, Q4 +1.0%.
It’s full year performance in Ireland is an improvement on the retailer’s performance last year, when it saw sales decline 6.3% year-on-year. In the first half of 2015/16, Tesco saw its sales decline 3.7% year-on-year.
“We’ve listened closely to our customers and really focused on investing in the things that matter most to them," said Andrew Yaxley, Tesco Ireland chief executive. "We’ve lowered the prices of over 900 every day products as part of our Staying Down campaign, we’ve improved our range and availability, and we have more colleagues available to help customers at the busiest times.
“Whilst the market remains highly competitive, we continue to focus on simplifying our business so that we can maximise our investment in lowering price and improving service and this work is ongoing. We’re moving through a period of change to support the future sustainability of our business as we continue to help serve Ireland’s shoppers a little better every day."
Tesco Ireland also announced today the opening of a new customer service centre in partnership with Tech Mahindra, which has created 22 jobs in Waterford.
Overall Tesco posted group sales of £48.3 billion, a 0.1% increase at constant exchange rates. Its UK & ROI division posted an operating profit of £505 million, up 1.4% at constant exchange rates.
© 2016 - Checkout Magazine by Stephen Wynne-Jones