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Tesco Ireland Annual Results Comment

17 April 2013

Tesco Ireland has recorded increased sales of €3.15 bn in the year to 24 February 2013, compared with sales of €3.09bn in the previous year, growth of 1.9%. Like for like sales declined marginally by (0.3)%.

Commenting on the year’s performance, Mr Tony Keohane, Chief Executive of Tesco Ireland commented:

"We are pleased to have recorded a year of growth in what continues to be a very challenging market here in Ireland. Customers are spending less and retail competition has become even more intense. Customers are demanding better from retailers to meet their family budgets and we are very pleased with how they have responded to what we offer them".

"Our stores have adapted well to what customers want in terms of family shopping, including more choice at keener prices, better offers and better value for money. We expect customers will continue to demand better value as household incomes remain stretched".

"Our Home Grown in Ireland programme, highlighting our extensive support for Irish and local produce, has been well received. We plan to expand on this in the coming year".

"We are continuing to invest in Ireland and will be spending €70million in modernising our stores this year and in opening six new Express or Metro stores. Total investment last year was €59million.

Other developments during the past year:

Ends

Note to Editors:

Tesco Ireland employs 15,200 people at stores (142), distribution depots and head office in Ireland, serving the grocery and household needs of 450,000 Irish families every week. Its shops include convenience stores, supermarkets and superstores across Ireland selling fresh food, groceries and household products, as well as clothing, books, hardware, electrical goods etc in larger stores. Services offered include Tesco Mobile, Tesco Personal Finance, and a nationwide online grocery shopping service.

The financial results of Tesco Ireland are incorporated in the Tesco plc segmental accounts for Europe, in common with other major international businesses. The company is unique in the grocery retail industry in consistently publishing annual turnover figures for Ireland.

For further information please contact Tesco Corporate Affairs on 01 215 2661.

For further information please contact Tesco Corporate Affairs on 01 215 2661