Tesco Q1 Sales Improve

Source: FinanzNachrichten.de

CHESHUNT (dpa-AFX) - Tesco Plc (TSCO.L), a general merchandise retailer, Friday said its sales for the first quarter increased 3.9 percent year-on-year to 15.576 billion pounds driven by growth in sales in almost all regions.

Total retail sales for the quarter rose 3.3 percent to 15.305 billion pounds. On a like-for-like basis, retail sales grew 3.4 percent.

For the quarter, retail sales on a like-for-like basis increased 4.6 percent in the UK to 11.368 billion pounds, 4.4 percent in Republic of Ireland to 731 million pounds, and 0.6 percent in Central Europe to 975 million pounds. However, Booker sales were down 1.3 percent to 2.231 billion pounds driven by decline in tobacco sales.

Further, the company said its market share increased 52bps to 27.6 percent in the UK. In Republic of Ireland market share grew 59bps.

'We've continued to build momentum in the business, with strong volume growth across the UK, Republic of Ireland and Central Europe supported by easing inflation. We continue to be the cheapest full-line grocer and are the most competitive we've ever been, with our value, product quality and service driving better brand perception and customer satisfaction,' commented Ken Murphy, Chief Executive.

Looking ahead, Tesco has confirmed its guidance for the full year. It sees retail adjusted operating profit of at least 2.8 billion pounds for the full year.

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