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21/04/2009
Tesco 'Missing Out' On Cross-Border Shoppers
Tesco - while making billions in the UK - is having a harder time in the Republic of Ireland.
According to an internal memo obtained by a grocery trade journal, Tesco is being forced to cut prices in the Republic, and the supermarket giant is concerned that like-for-like sales are "well below expectations".
Cross-border shopping is damaging Tesco's brand, said Retail Intelligence.
It has reported goods such as household products and beauty items as being particularly affected.
Tesco posted the highest profits on record for a UK retailer today, but in the memo, it said sales lost by Tesco stores in the Republic were not being recouped because the company does not have a strong presence in border towns such as Newry and Enniskillen where rivals like Sainsbury and Asda have benefited from the southern exodus.
The effect on the Irish economy of shoppers heading North was acknowledged in an emergency budget earlier this month, when duties on petrol and alcohol were unchanged in an attempt to stem the tide of shoppers taking their business across the border.
Tesco reported annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year.
However, the supermarket chain did not give a detailed breakdown of its performance in the Republic, but it did say business had been helped by favourable movements in the euro-sterling exchange rate.
Cross-border shopping - encouraged by the strength of the euro - has seen an estimated 4% of the total market move across the border.
See: Tesco Profits Soar Past £3bn
(BMcC/KMcA)
According to an internal memo obtained by a grocery trade journal, Tesco is being forced to cut prices in the Republic, and the supermarket giant is concerned that like-for-like sales are "well below expectations".
Cross-border shopping is damaging Tesco's brand, said Retail Intelligence.
It has reported goods such as household products and beauty items as being particularly affected.
Tesco posted the highest profits on record for a UK retailer today, but in the memo, it said sales lost by Tesco stores in the Republic were not being recouped because the company does not have a strong presence in border towns such as Newry and Enniskillen where rivals like Sainsbury and Asda have benefited from the southern exodus.
The effect on the Irish economy of shoppers heading North was acknowledged in an emergency budget earlier this month, when duties on petrol and alcohol were unchanged in an attempt to stem the tide of shoppers taking their business across the border.
Tesco reported annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year.
However, the supermarket chain did not give a detailed breakdown of its performance in the Republic, but it did say business had been helped by favourable movements in the euro-sterling exchange rate.
Cross-border shopping - encouraged by the strength of the euro - has seen an estimated 4% of the total market move across the border.
See: Tesco Profits Soar Past £3bn
(BMcC/KMcA)
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Trade Mission To Czech Republic Announced
Invest NI has announced a new Trade Mission to the Czech Republic, Slovakia and Hungary in October this year. Businesses are invited to join the mission and take advantage of the business opportunities within the region. The main mission centre is based in the Czech Republic with the option to travel to either Slovakia or Hungary.
Trade Mission To Czech Republic Announced
Invest NI has announced a new Trade Mission to the Czech Republic, Slovakia and Hungary in October this year. Businesses are invited to join the mission and take advantage of the business opportunities within the region. The main mission centre is based in the Czech Republic with the option to travel to either Slovakia or Hungary.
25 April 2006
Tesco unveils massive profits
Britain's leading supermarket chain, Tesco, has unveiled profits of £2.2 billion for the past year. The profits increase represents a rise of nearly 17% on the previous year's figures. The supermarket chain's latest figures showed a 13.2% increase in group sales over the last year. Both international and UK sales increased - by 23% and 10.
Tesco unveils massive profits
Britain's leading supermarket chain, Tesco, has unveiled profits of £2.2 billion for the past year. The profits increase represents a rise of nearly 17% on the previous year's figures. The supermarket chain's latest figures showed a 13.2% increase in group sales over the last year. Both international and UK sales increased - by 23% and 10.
20 April 2004
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
10 April 2002
Tesco unveil pre-tax profits and expansion plans
UK supermarket chain, Tesco have announced that the company is to create 21,000 new jobs worldwide, 9,000 of which will be in the UK. The company's expansion of its Portadown store, which created 400 new jobs and opened on March 25, is part of this development. Tesco also plans to open 55 new stores and 30 new express shops across the UK.
Tesco unveil pre-tax profits and expansion plans
UK supermarket chain, Tesco have announced that the company is to create 21,000 new jobs worldwide, 9,000 of which will be in the UK. The company's expansion of its Portadown store, which created 400 new jobs and opened on March 25, is part of this development. Tesco also plans to open 55 new stores and 30 new express shops across the UK.
30 June 2009
Tesco To Extend Border Prices Cuts To Dublin Stores
The UK-based retail superstore Tesco has announced plans to slash prices at its Dublin stores over the next two weeks. The company has come under pressure to extend its price cuts throughout Ireland after announcing last month it would cut 12,000 prices at its outlets along the Irish border by an average of 22%.
Tesco To Extend Border Prices Cuts To Dublin Stores
The UK-based retail superstore Tesco has announced plans to slash prices at its Dublin stores over the next two weeks. The company has come under pressure to extend its price cuts throughout Ireland after announcing last month it would cut 12,000 prices at its outlets along the Irish border by an average of 22%.
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