The UK’s biggest food retailer Tesco has posted strong first-quarter group sales growth of 15.1%, as it wins customers from its rivals amid slower consumer demand in the UK.
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Tesco’s UK like-for-like sales were up 5.8%, excluding the impact of price rises which added 0.3% to the figure. Analysts had forecast growth of 4.0-5.5% for the first quarter to 17 May.
Total sales in the UK rose 12.3%, while international sales increased 28.4%, boosted by expansion in southeast Asia and central Europe.
“We’re extremely pleased we’re continuing to fire on all cylinders,” a company spokeswoman told Reuters, adding that clothing and budget lines were selling particularly well.
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By GlobalData
