Companies

Tesco profits rise as Irish sales and market share increases

The supermarket is continuing to take market share in the UK and Ireland

Tesco opened four new stores in Ireland during the year and 74 stores in the UK and 9 in central Europe

Tesco’s profits increased 12.8 per cent in the 12 months to the end of February, thanks in part to a rise in Irish sales and market share.

On Wednesday, the supermarket giant reported total adjusted operating profit of £2.8 billion (€3.3 billion) for its financial year and retail adjusted operating profit of £2.76 billion, up 11 per cent.

Tesco achieved revenue of £68.2 billion, an increase of 4.4 per cent. Net debt fell from £10.5 ...