Tesco, the UK’s largest retailer, has reported like-for-like sales growth of 1.8% for the first quarter of its 2018 financial year. This is the tenth consecutive trading quarter that Tesco has recorded sales growth, indicating the retailer continues to win back customers following some difficult years.
In its UK business, Tesco reported healthy sales growth of 2.1%. The retailer said it continues to invest in cutting prices, particularly on fresh food, to win over new customers. Despite the store closures and supply chain disruption caused by Storm Emma in March, Tesco reported sales growth of 3% at its Irish stores.
Although less important to the overall business, Tesco said sales at its stores in central Europe fell by 1% year on year due to new trading regulations in Poland and Hungary, while sales in its Asia business fell 9% year on year.
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Tesco chief executive Dave Lewis said the retailer remains in growth mode.
“Our growth plans are on track and we are pleased with the momentum in the business. We remain well placed to serve our customers better and deliver on our medium-term financial ambitions,” said Lewis.
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Tesco, the UK’s largest retailer, has reported like-for-like sales growth of 1.8% for the first quarter of its 2018 financial year. This is the tenth consecutive trading quarter that Tesco has recorded sales growth, indicating the retailer continues to win back customers following some difficult years.
In its UK business, Tesco reported healthy sales growth of 2.1%. The retailer said it continues to invest in cutting prices, particularly on fresh food, to win over new customers. Despite the store closures and supply chain disruption caused by Storm Emma in March, Tesco reported sales growth of 3% at its Irish stores.
Although less important to the overall business, Tesco said sales at its stores in central Europe fell by 1% year on year due to new trading regulations in Poland and Hungary, while sales in its Asia business fell 9% year on year.
Tesco chief executive Dave Lewis said the retailer remains in growth mode.
“Our growth plans are on track and we are pleased with the momentum in the business. We remain well placed to serve our customers better and deliver on our medium-term financial ambitions,” said Lewis.
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