Tesco has applied to delist its ordinary shares from Euronext Dublin.
The supermarket giant said the delisting will simplify regulatory compliance obligations of Tesco PLC
"Any delisting of Tesco PLC's ordinary shares from the Irish market is subject to the approval of Euronext Dublin and would have no impact on Tesco PLC's day-to-day business operations in Ireland," it said.
"It is anticipated that the delisting will take effect on or around 11 February 2022."
The news came as the company today raised its profit outlook for the second time in four months as it reported a rise in Christmas sales despite a tough comparative with 2020 when spending was boosted by a Covid-19 lockdown.
The group said UK like-for-like sales rose 0.2% year-on-year in its third quarter to November 27 and were up 0.3% over the six weeks to January 8.
As a result of stronger than expected sales to date, Tesco said it now expects a full-year 2021-22 retail operating "slightly above" the top-end of its previous £2.5-2.6 billion range.
Tesco's profit upgrade follows one from rival Sainsbury's earlier this week and bullish updates this week from the UK arms of German discounters Aldi and Lidl.
UK supermarkets faced tough comparisons against Christmas 2020 when a lockdown meant food and drink sales boomed.
While restrictions for Christmas 2021 were less severe, supermarkets still benefited from consumer nervousness over the spread of the Omicron variant which kept them away from bars and restaurants.
Tesco said third-quarter UK like-for-like sales were up 6.9% against the same period in 2019-20, before the pandemic impacted trading. Sales over the six week Christmas period were up 8.8% on the same basis.
The group said it outperformed the market and grew market share.
Tesco forecast full-year operating profit for its bank to be between £160-200m, due to the effect of more favourable economic forecasts on its provision for expected credit losses.
Tesco said its Irish sales were up strongly on a two-year basis with sales rising by rising by 9.6% in the 19 weeks ended 8 January compared to the same time in 2019.
But sales dropped by 2.1% compared to the same time in 2020 while they were 3.3% lower on a quarterly basis. Over the Christmas period, sales rose by 0.3%.
During the 19 week period, Tesco announced a deal to buy ten Joyce's Supermarkets in Galway - its first significant investment for a portfolio of supermarkets in Ireland since it entered the Irish supermarket market in 1997.
Kari Daniels, CEO Tesco Ireland, said a significant driver of the company's growth has been the investment made in its home delivery and Click + Collect services in stores nationwide as it generated thousands more slots for customers.
"An important underpin to our strong trading performance has been our continued and absolute focus to ensure we have the most extensive safety measures in place in all our stores, at all times, for our colleagues and our customers," the Tesco Ireland CEO said
"Our colleagues continue to go above and beyond for our customers and communities, and I thank them very much for their hard work and dedication in these continuing challenging times," she added.
