Tesco’s Irish arm has reported a 55% drop in profits during the first half of the year, due to competitive pricing in supermarkets.
Like-for-like sales at Tesco Ireland fell 3.7% during the six months to August 29 despite generating revenues of €1.23bn (£863m).
Tesco Ireland chief executive Andrew Yaxley said: “Over the last six months our priority has been to simplify our business so that we can maximise our investment in price and service, and going forward simplification and managing operating costs will continue to be a priority so that we are able to invest in our customers.”
Meanwhile it emerged yesterday (November 23) that Tesco has been knocked off the top spot as Ireland’s biggest supermarket.
SuperValu now has a 24.6% market share according to the latest Kanter Worldpanel figures.
Tesco was just behind with 24.1% while Dunnes Stores is third with 23.7% of the market.