Tesco, which looks set to leave the US market, today (5 December) announced improving underlying UK sales as investments appear to be starting to pay off for the UK’s largest retailer.
UK like-for-like sales, excluding both VAT and petrol, declined by 0.6% in the quarter ended 24 November. This compares to a drop of 0.7% in the retailer’s first-half and a decline of 1.5% in the first quarter.
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CEO Philip Clarke said he was “pleased” with the performance of its food business in the UK, which recorded like-for-like sales growth of 1.2%.
Internationally, Tesco highlighted “further weakening” in consumer spending in Central Europe due to the weak economic conditions. However, the group also pointed to an improvement in like-for-like sales growth in Asia.
Group sales in the quarter grew 1.4% excluding petrol.
Clarke admitted this morning that Tesco was “likely” to quit the US after confirming it is reviewing its options for its Fresh & Easy business in the country.
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