Industry & Business

Tesco’s sales in Ireland rise 0.2% in “highly competitive” market

 Breaking News
  • The Licencing of FinTech Firms Across Europe The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published a report on the status of licencing regimes of FinTech firms across the European Union (EU).  The report is based on two surveys conducted by ESMA since January 2018, which gathered evidence from national competent authorities (NCAs) on the licensing regimes of FinTech firms [...]...
  • MessageBird Opens New Office in Dublin MessageBird, the Amsterdam-based cloud communications platform company, is expanding its European operations with a new office in Dublin. Led by former Salesforce and Oracle executive, Roberto Marzo, the new office will employ up to 50 new positions over the next two years. Initial hires will focus on sales, customer success and support for MessageBird’s fast-growing European [...]...
  • Signing of the Ireland-China MOU to Promote Science, Technology and Innovation Co-operation A revised Memorandum of Understanding (MOU) to promote science, technology and innovation cooperation between Ireland and China has been signed. The revised MOU between the Department of Business, Enterprise and Innovation and the Ministry of Science and Technology of the People’s Republic of China replaces the 2012 MOU to promote science, technology and co-operation. It [...]...
  • Colm McLoughlin Honoured at Aviation Industry Awards in Ireland At a glittering industry gathering that attracted over 300 senior aviation executives in Ireland, Dubai Duty Free’s Executive Vice Chairman & CEO, Colm McLoughlin, was presented with the Outstanding Contribution to the Aviation Industry award at the annual Aviation Industry Awards in Dublin. Colm McLoughlin, who celebrated his 50th anniversary in the duty free industry on [...]...
  • Irish Hotel Sector at a Turning Point Crowe, Ireland’s leading accountancy practice and advisors to the Irish hotel sector, has launched the 24th edition of Ireland’s most comprehensive annual analysis of the Irish hotel sector. The Crowe Ireland Annual Hotel Survey, compiled from an analysis of Irish hotels’ 2018 accounts, shows that the sector experienced a positive year in 2018 with an eight-consecutive year of [...]...

Tesco’s sales in Ireland rise 0.2% in “highly competitive” market

Tesco’s sales in Ireland rise 0.2% in “highly competitive” market
October 05
09:36 2016

Tesco may not be out of trouble yet after a turbulent few years, but there was nevertheless positive signs as it published its latest set of financial results.

Shares at Tesco began to fall in 2011, and have kept on falling, culminating in an accounting scandal that wrote off £263 million in profits towards the end of 2014.

With their latest results for the first half of 2016, however, it seems Tesco may be clawing back some of the business lost in both the UK and Ireland.

Commenting on their Irish performance, Tesco indicates: “In a market that remains highly competitive, like-for-like sales in the Republic of Ireland grew 0.2% as customer perceptions of our proposition improved significantly year-on-year. Whilst top-line growth in value terms was held back by our continued investment in lower prices, we retain our leading position in the market in volume terms thanks to a strong performance in fresh food.”

Overall, UK & ROI operating profit before exceptional items was £389 million. Tesco indicates this first half profitability was ahead of their initial plan.

According to recent figures from Kantar World Panel, Dunnes Stores has caught up with Tesco in terms of market share in the Irish market, with the pair joint-second on 21.6%. Just ahead in first place is SuperValu, who hold a market share of 22.4%. Aldi and Lidl, meanwhile, lie around 11%.

Kantar point out: “While Tesco has seen value sales fall by 2.3% it continues to sell more items, with volume sales 1.9% higher than the same time last year. The performance gap between value and volume sales is a reflection of a lower average price point at Tesco, in part the result of its ‘Staying Down Prices’ campaign.”

Commenting on the overall results, Tesco Chief Executive Dave Lewis said: “Whilst the market is uncertain, we have made significant progress against the priorities we set out two years ago, stabilising the business and positioning us well for the future.”

About Author

admin

admin

Related Articles

New Subscriber

Subscribe Here



Advertisements





















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4