Tesco achieves first half revenue of € 1.45 billion in Ireland

Tesco had continued strong online shopping sales in Ireland, although its overall revenue fell 2% to 1.24 billion pounds sterling (1.45 billion euros) at constant exchange rates during the first semester of the year.

Releasing first half results yesterday, Tesco said its sales in Ireland fell 6.1% in the first quarter of the current fiscal year compared to the first quarter of its fiscal 2020, when consumers stocked products and dined at home as the pandemic gripped the world.

Tesco, whose CEO is Ken Murphy from Cork, said online sales currently represent around 8% of its total sales in Ireland. This compares to the 9pc he reported for his previous fiscal year end in February.

However, on a like-for-like basis over two years, Tesco saw online sales growth of almost 75% in Ireland and 10.8% year-on-year.

Tesco Ireland chief executive Kari Daniels said she was “very pleased” with the chain’s performance here despite the continued challenges posed by Covid.

Earlier this year, Tesco said it had increased its online capacity in Ireland by more than 60% in the 12 months ending in late February due to increased customer demand.

In the first half of this fiscal year, Tesco said its like-for-like sales in Ireland were up 12.2% from two years ago, eliminating the effect of the pandemic.

He added that in the second quarter of this fiscal year, its year-on-year like-for-like sales in Ireland were up 1.2%, benefiting from a strong performance from its clothing lines, seasonal events such as back to school. , gardening and Father’s Day. .

The chain has deployed its “Scan as You Shop” installation in all of its major outlets in Ireland. It has 151 outlets in Ireland and a 21.4% share of the Irish grocery market, according to research group Kantar.

He said he had also extended his shortened payment terms for more than 200 small Irish food and drink suppliers until February next year.

Tesco shares jumped more than 5% yesterday as it reported strong group sales for the first half of its fiscal year.

He said the group’s sales, which excluded fuel and VAT, increased 3% at constant exchange rates to reach £ 27.3 billion during the period. Adjusted operating profit from its retail units climbed 16.6% to £ 1.38 billion.

It also raised its profit forecast for the year as a whole.

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