Tesco Ireland starts to stem losses as sales drop by 4.4pc
Sales at Tesco Ireland fell by 4.4pc on a on a like-for-like basis in the thirteen week period to the end of May, according to new figures from the grocery giant.
The sales were for the first quarter of the group’s 2015-2016 financial year. Despite the drop, the decline in Irish sales was less than the falls seen in recent quarters.
Tesco Ireland sales had dropped by 6.7pc in the fourth quarter of Tesco’s previous financial year, while the two preceding quarters both saw sales declines of about 7pc.
In a trading update today, published ahead of a potentially stormy annual shareholders' meeting later in the day, the company said sales at British stores open over a year fell 1.3pc over the quarter.
That compares with analysts' forecasts of a fall of 1.6 to 3pc and is an improvement on the 1.7pc decline recorded in the fourth quarter of 2014-15.
Shares in Tesco opened 3.3pc higher following news of the improvement.
"Whilst the market is still challenging and volatility is likely to remain a feature of short-term performance, these first quarter results represent another step in the right direction," Chief Executive Dave Lewis said.