However, operating profit generated in the most recent period was almost 15pc lower than the previous financial year. That profit decline was driven by inflation increases, higher energy costs and an increased property impairment charge of €21.3m. The accounts also show that Tesco paid €80.2m in cash for the family-owned Joyce’s Supermarkets chain in Galway last year. The Galway chain was owned by Pat Joyce and his family. The chief executive of Tesco Ireland, Natasha Adams, said the decision to publish accounts for the Irish business was made back in January.

Source: Irish Independent September 12, 2023 15:58 UTC