logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT