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Wednesday 6 December 2023 Dublin: 8°C
Rui Vieira/PA Wire/Press Association Images

Tesco blames property tax for fall in Irish sales

The supermarket giant has said that like-for-like sales have fallen by three per cent in the first 13 weeks of this year.

THE INTRODUCTION of the local property tax in Ireland has been identified as one of the reasons for falling sales at the supermarket giant Tesco.

In figures released this morning the company has reported a fall in like-for-like sales in Ireland by three per cent in the 13 weeks to the end of May when petrol sales are excluded.

This compares to a fall of 1.4 per cent fall in like-for-like sales in the fourth quarter of last year.

Tesco says that consumers in its international markets – including Ireland – continue to face challenging conditions and are exercising caution in their spending.

It cites external pressures such as the introduction of the local property tax on residential properties in Ireland as a reason for the “significant reduction in consumer sentiment and spending” in this country.

Conditions in the company’s main market in the UK – where like-for-like sales fell by 1 per cent when petrol and VAT are excluded – “remain challenging”.

Tesco also reported that since January it has carried out 1,500 tests on its own-brand meat ranges, identifying four frozen beef products contaminated by equine DNA.

These were withdrawn, reformulated and reintroduced, with a new supplier.

Read: Tesco leaves US as profits drop by 51 per cent

Read: Tesco withdraws own-brand meatloaf after finding 5% horsemeat

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