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Tesco Q1 LFL Sales Up On Strong UK, Despite Weak International

Tesco plc (TSCO.L,TSCDY.PK) reported Friday that its first-quarter sales grew 3.6% including a 2.9% positive foreign exchange translation effect.

Total sales at constant exchange rates were up slightly less at 0.8%, as the year-on-year impact of selling Dobbies, Giraffe and Harris & Hoole more than offset store openings.

Group like-for-like sales increased 1%, representing a sixth consecutive quarter of positive growth.

In its trading update, the company said UK like-for-like sales growth was 2.3% driven by 2.7% like-for-like sales growth in food.

The Company recorded 1.3% growth in customer transactions.

Meanwhile, International sales performance was weak, reflecting a decision to discontinue unprofitable bulk selling activity in Thailand. Like-for-like sales declined 3 percent, mainly with 6 percent drop in Asia and a slight decline in Europe.

Dave Lewis, Chief Executive, said, "This is a good start to the year, with our sixth consecutive quarter of positive like-for-like sales growth across the Group. We are confident in our plans to create long-term, sustainable value for our key stakeholders and to deliver on the ambitions we have set out."

by RTT Staff Writer

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