The UK supermarket group reported a 25% rise in first half operating profits before exceptional items of £1.4bn. Margins expanded to 4.4%. In the UK and the Republic of Ireland (ROI), total sales grew by 0.2% against a backdrop of subdued market growth, particularly in the second quarter. It said it had a particularly strong second quarter last year, due to the exceptionally warm weather and the World Cup. Sales in Ireland reached €1.3bn in the first six months and were 0.1% higher on a like-for-like basis compared to the previous six months.

Reshuffle

CEO Dave Lewis, who was hired in to turn the supermarket around after a 2014 accounting scandal, announced he is to step down next summer. The group has met the majority of its turnaround goals. Irishman Ken Murphy has been named as the next chief executive. He will receive a basic salary of £1.35m per annum.

Tesco has a 21.5% share of the Irish grocery market and 27.4% of the UK market.