Tesco Ireland Slump Continues As Sales Slide 8.1% In Q3
Published on Dec 4 2013 12:12 PM in Retail
Tesco's Irish business saw its like-for-like sales fall 8.1% in Q3, according to accounts just filed, following on from a 4.4% decline in Q2 and a 3.0% decline in Q1. The figures are inclusive of th...
Tesco's Irish business saw its like-for-like sales fall 8.1% in Q3, according to accounts just filed, following on from a 4.4% decline in Q2 and a 3.0% decline in Q1.
The figures are inclusive of the 13 week period to 23 November 2013.
Commenting on its Q3 performance in Ireland, Tesco said: "In Ireland, our performance continues to reflect extremely challenging conditions for consumers, compounded by a more intense competitive environment."
However, the retailer said that it is hopeful of a return to form following the rollout of its Price Promise initiative. "Our recent introduction of Price Promise in Ireland will help to improve customer perceptions of our relative price position, allowing us to emphasise points of differentiation in our offer," it said.
Its Irish business saw the biggest like-for-like decline of all the countries Tesco operates in.
Overall, Tesco Group sales increased by 0.6% at actual exchange rates and by 0.2% at constant rates, excluding petrol. Including petrol, Group sales decreased by 0.8% at actual exchange rates and by 1.2% at constant rates. Like-for-like sales in its UK business, excluding both VAT and petrol, decreased by 1.5% for the quarter.
Commenting on Tesco's Q3 results, David Gray, Retail Analyst at Planet Retail, said: "As per our expectations, Tesco reported a slight deterioration in UK trading with like-for-like sales dropping on the previous year, in part down to tougher comparables. Nevertheless, much of this decline can be attributed to subdued general merchandise sales whereas food sales more or less held up."
© 2013 - Checkout Magazine by Stephen Wynne-Jones