Tesco performing well despite recession

SUPERMARKET chain Tesco is performing reasonably well in Ireland, despite having to deal in a recessionary market and having to implement restructuring activity costing £15m (€16.2m) in the first half of 2009.

While global group profits are up 11% in the group interim results released yesterday, Tesco Ireland has had to carry this exceptional one-off restructuring cost this year.

Faced with the challenges of a severe recession and cross-border trading, the store decided to reduce retail costs in line with the Irish consumer’s reduced spending power.