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Tesco Ireland has reported a 5.2 per cent increase in sales revenues to €3.15 billion for the year to the end of February.

Over the period the retailer opened 16 new stores. If the impact of these additional sales is stripped out, like-for-like sales were down 4.2 per cent over the period “reflecting the significant slowdown in economic activity and consumer spending during the final quarter of the year", the company said in a statement.