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Nine News: David Murphy, Business Correspondent, reports that the jobs boost comes as Tesco and Superquinn say British sourced food prices will be lower
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News At One: David Murphy, Business Correspondent, outlines the supermarket chain's expansion plans, which are set to create 1,000 jobs in this country
The company is expanding after a year of solid growth. Tesco has announced a 9.8% increase in sales to €2.9bn for last year. It is understood profits increased at a broadly similar rate.
At a time of gloomy economic news, the news from Tesco is welcome.
€1 in €4 spent on groceries in Ireland is spent in the retailer.
But the group says it sees the signs of the slowdown as consumers become more price conscious.
Shoppers have suffered the effects of huge price inflation with bread up 20% and milk up 30% generally.
But Tesco says consumers can look forward to weaker sterling bringing down the cost of British-sourced products.
Today the pound continued its decline in value reaching a new low of £0.8040 against the euro.
