logo
Share SHARE
FONT-SIZE Plus   Neg

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
An upcoming episode of HBO's hit TV show 'Game of Thrones' has been leaked before its scheduled premiere. It is the second confirmed leak in two weeks to hit season seven. According to the production company HBO, the episode was mistakenly made available on its streaming platforms in Spain, Sweden, Norway, Denmark and Finland. General Motors (GM) announced on Wednesday that it has been approved to voluntarily delist from the Toronto Stock Exchange. The auto giant reassured its shareholders that the TSX delisting will not impact its current listing on the New York Stock Exchange. Subsequent to the bankruptcy filing of German no frills airline Air Berlin (AIBEF.PK), Lufthansa airline is strongly pursuing to acquire Air Berlin. Meanwhile, Ryanair, its Irish rival, accused conspiracy in the deal and said that the acquisition move will breach the existing competition rules in Germany in general and EU in particular.
comments powered by Disqus
Follow RTT