Tesco announces sales increase

24-08-2006

Supermarket giant Tesco has reported a 4.5 per cent increase in same-store sales, excluding fuel, during the first quarter.

Total UK sales were up nine percent, reflecting "solid growth" in a competitive market, the retailer said.

It said that increasing numbers of British consumers were purchasing goods from the company's non-food ranges, while its retailing services had also performed well.

Overall group sales for the 13 weeks ending May 27th rose by 10.4 per cent, Tesco said in a trading statement.

The retailer also reported a 15.1 per cent increase in international sales, based on constant exchange rates.

Tesco said that it was on track to provide over six million square feet of new retail space across its international operations this year. A further one million square feet of selling space will be added to the group's portfolio through the acquisition of 11 Carrefour stores in the Czech Republic.

Welcoming the company's first quarter performance, Tesco chief executive Terry Leahy said: "We've made a good start to the year across the group."

"International is showing strong growth and pushing on well with new store development and the UK has made solid progress on top of two years of exceptional performance."


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