Supermarket giant Tesco has reported sales of £2.97 billion (€3.45 billion) from its Irish wing following overall sales growth of 5.6 per cent as its market share rose to 24 per cent.
The company said its adjusted operating profit for the UK and Ireland had increased by 10.1 per cent to £3.016 billion with a profit margin of 4.6 per cent.
Tesco credited this increase to volume growth and the “ongoing delivery of our save-to-invest programme, which offset net operating cost inflation, including colleague pay awards”.
In their preliminary group results, the company reported their Irish wing’s like-for-like sales grew by 4.6 per cent in 2024 driven by volume growth.
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Overall sales grew 5.6 per cent, with the difference in growth made up by new stores the company opened last year. Tesco highlighted a 29 per cent sales volume growth of its Finest range in comparison to last year.
The company described their volume growth performance as “particularly strong in the UK and ROI (Republic of Ireland)”, noting growth in every quarter last year.
Tesco Ireland said they had grown their market share by 0.29 per cent to 23.9 per cent of the overall Irish market. The company opened six new large stores and six Tesco Express stores in Ireland.
The company saw a 2 per cent increase in Clubcard sales penetration in Ireland grew to 87 per cent.
Tesco Ireland chief executive Natasha Adams said the company saw “strong growth” last year and pointed to an expansion in the number of shops they operate in Ireland.
“Our commitment to a thriving Ireland is evident with the opening of 12 new stores and the creation of 300 new jobs nationwide last year,” Ms Adams said.
“Our core focus on food has seen strong sales growth, backed by added investment in bringing fresh foods front-of-store and our ongoing collaboration with Irish suppliers to ensure customers always enjoy the finest quality and variety of produce.”
The Tesco chief said their online offering is set to be improved this month by the introduction of a new delivery service named Whoosh which is being rolled out in several Dublin stores. The new service is being piloted from their Tesco Express stores in Donnybrook, Spencer Dock and Newmarket Yards with a 4.5km delivery range.
