Tesco Ireland revenues decline by 5.5%

Tesco Ireland generated revenues of just under €3 billion last year, in what it called “a challenging trading climate”.

The figure — precisely €2.97bn — marked a 5.5% decline in like-for-like sales for the Irish division of the international supermarket giant.

On a group-wide basis, Tesco yesterday reported a 6% annualised drop in trading profit, for the 12 months to the end of February, to just over £3.3bn (underlying pre-tax profits falling by nearly 7%), reflecting difficult market conditions both in its core British business and its European operations. Group revenue was flat — showing growth of just 0.2% — and underlying diluted earnings per share fell by 7.3% to 32.05p.