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Tesco Q1 Group Sales Rise; Sees Flat Retail Operating Profit In FY21 - Quick Facts

British retailer Tesco plc. (TSCO.L,TSCDY.PK) reported Friday that its first-quarter Group sales, excluding VAT and fuel basis, were 13.38 billion pounds, a growth of 7.9 percent on a reported basis and 8 percent at constant exchange rates. Like-for-like sales grew 7.9 percent.

UK & ROI sales grew 9.4 percent from last year to 12.21 billion pounds, while the growth was 9.2 percent at constant rates and 8.2 percent at LFL basis.

The company noted that the growth was most marked in online with sales up 48.5 percent for the quarter as a whole and the rate of growth increasing to nearly 100 percent by the end of May. Sales in convenience business grew by 9.5 percent.

Sales in Central Europe excluding Poland edged up 0.8 percent on a reported basis, 3.3 percent at constant rates and 3.9 percent at LFL basis.

Tesco Bank's sales, meanwhile, fell 26.5 percent at constant rates from last year.

The results have been reported on a continuing operations basis and exclude the results from businesses in Thailand, Malaysia and Poland.

Looking ahead, the company said its current expectation is that Retail operating profit in the current year is likely to be at a similar level to 2019/20 on a continuing operations basis.

Tesco Bank is expected to report a loss between 175 million pounds and 200 million pounds for fiscal 2021.

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