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Tesco Sees Marginal Sales Growth In Ireland

Published on Oct 5 2016 9:20 AM in Retail tagged: Featured Post / Tesco / Shore Capital

Tesco Sees Marginal Sales Growth In Ireland

Tesco has reported like-for-like sales growth of 0.2% in Ireland in its Interim Results Statement for 2016/17, as well as sales growth of 0.6% in the UK.

It also reported that its international volume sales grew by 3.3%, while international transactions were up 0.3%.

Commenting on the results, Tesco Chief Executive Dave Lewis said, “We have made further strong progress in the first half, with positive like-for-like sales growth across all parts of the Group as we re-invest in our customer offer whilst rebuilding profitability in a sustainable way.”

Andrew Yaxley, CEO Tesco Ireland commented, “We continue to invest significantly in reducing prices for customers through our Staying Down campaign. We’ve also improved the quality of our fresh food produce, simplified our range and extended our lines of Tesco own label products. This is our third successive quarter of positive like-for-like sales and we’re pleased to see strong positive volume growth as a result of our investment in strengthening our customer offer.

“We’re proud to support the local communities we serve across Ireland and make a positive difference. Through the Tesco Community Fund we have donated nearly €2 million to over 5,000 good causes to date, our surplus food donations programme in partnership with FoodCloud has enabled us to redistribute over 1.9 million meals and we’ve raised €1.9million and counting for our charity partner Temple Street in less than two years.”

In a statement released today (5 October), analysts at Shore Capital noted that, ‘Tesco's FY2017 interim results were largely, if not totally, devoid of major organisational re-engineering, unlike the prior couple of editions, further reflecting the progress made by Dave Lewis (CEO) and his team in stabilising and recovering this once great organisation.

‘The results themselves represent demonstrable operational improvement from the business with cash sales and not just volumes now positive in the UK in particular alongside much needed margin accretion.’

@2016 – Checkout by Jenny Whelan

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