Tesco chief executive Sir Terry Leahy this morning (16 June) hailed the UK retailer’s “solid start” to its financial year – but the company is still seeing sales lag behind rivals like Asda and Morrisons.
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Leahy insisted Tesco had maintained “good momentum in a challenging economic climate” after the UK’s largest grocer had reported like-for-like sales growth of 4.3% for the 13 weeks to 30 may.
Tesco’s first-quarter like-for-likes compared to growth of 8.2% seen in Morrisons’ most recent quarter and 8.4% at Asda.
Tesco’s group-wide sales climbed 12.6%, excluding fuel, thanks to a “strong start” to the retailer’s fiscal year internationally.
The retailer’s sales outside the UK jumped by 20.1% at constant exchange rates. Sales in Europe inched up by 1.9%, while foreign exchange boosted Tesco’s sales in Asia, which saw turnover soar 43.8%.
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By GlobalDataShares in Tesco were up 1.7% at 362.30p at 10:19 BST.
