5 key points from Tesco's annual results
Sales fell in Irish stores while firm faces Booker deal challenge
Supermarket giant Tesco has reported profits for the 12 months to the end of February which came in slightly better than expected, but it still faces challenges as it seeks to deal with intense competition and a squeeze on British consumers’ spending power.
Tesco shares were down almost 3 per cent at 190p in early trading in London after the figures were released.
Key points from the results
1) In Ireland, the company said sales fell over the year as it lowered prices. Like-for-like sales, which strip out the effects of new stores and closures – were down 0.1 per cent in Ireland over the full year, with a 1.3 per cent drop in the final three months, which included a period when the company was involved in a dispute with the Mandate union. The group does not disclose a profit figure for its Irish business,a stance which has been criticised in the past.
