Group profits decline at Tesco

Tesco has reported its first group profit decline inalmost 20 years, but said its Irish operations performed well in the first half of its current financial year.

The supermarket giant doesn’t break out separate figures for its Irish division, but within its interim group results presentation — covering the six months to the end of August — said, yesterday, that Tesco Ireland had seen year-on-year sales growth, but stagnant profit performance.

“The Republic of Ireland was one of the markets first and most profoundly affected by the financial crisis and subsequent recession.