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Tesco 19-week LFL Sales Up 0.6% - Quick Facts

Tesco plc (TSCO.L,TSCDY.PK) reported that its Group like-for-like sales grew by 0.6% for the 19 weeks to 6 January 2018. Total sales (exc. fuel) grew by 0.8% at constant exchange rates and by 1.8% at actual exchange rates. Like-for-like sales for the combined UK & ROI business over the 19-week period grew by 2.2%. In the third quarter, like-for-like sales in the UK grew by 2.3%.

The Group noted that its Asia like-for-like sales were down 11.1% over the 19-week period, with its decision to withdraw from bulk selling activities in Thailand continuing to be the main driver of the decline. Tesco Bank sales grew by 4.8% over the 19-week period, with strong growth in the number of savings accounts and new mortgage customers.

Dave Lewis, Chief Executive, said: "We have continued to outperform the market throughout this period, particularly in fresh food, thanks to our most competitive offer for many years. Our trading momentum accelerated across the third quarter and into December, with the four weeks leading up to Christmas Day delivering record sales and volumes in the UK."

Looking ahead, the Group said it is confident in the outlook for the full year and is firmly on track to deliver the medium-term ambitions outlined in October 2016. The Group will report its full year results on 11 April 2018.

by RTTNews Staff Writer

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