Tesco defers expansion plans despite 5% profit rise

TESCO is putting expansion plans in Ireland on hold for a year despite a 5% increase in sales to a record high of e3 billion last year.

A drop in sales of alcohol and household products however, meant like-for-like sales, when its 16 new stores are stripped out, fell 4.2% in the year to the end of February 2009.

Tesco Ireland’s chief executive Tony Keohane said the company is taking a cautious look at new developments adding that any development plans are being pushed back a year.