Monday 24 September 2018

Tesco Ireland reports sales growth of 3pc in three months

Stock photo: PA
Stock photo: PA
Ellie Donnelly

Ellie Donnelly

Tesco has reported like-for-like sales growth of 3pc in the Republic of Ireland in the three months to 26 May.

The Irish performance comes despite the grocery giant experiencing a one day store closure in March as a result of Storm Emma.

Overall and group like-for-like sales grew by 1.8pc year-on-year in the three month period, the group said in a trading update ahead of its AGM today.

"Our growth plans are on track and we are pleased with the momentum in the business," Dave Lewis, chief executive of Tesco, said.  

"We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions.  We are delighted with initial progress on Booker, and are focused on delivering the synergy benefits that our merger brings."

During the three month period the company consolidated its purchase of wholesaler Booker, which it acquired for £3.7bn. The Booker group generated like-for-like sales growth of 14.3pc for the company.

In Europe, the group reported sales growth of 1pc in its fresh food division during the three month period, while in Asia sales of fresh food grew by 4.5pc year-on-year.

The group said that its performance in Asia improved towards the end of the quarter following the annualisation of bulk-selling impact in mid-April.

Earlier this month Tesco returned to the top in Ireland's grocery store wars for the first time since 2015.

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