Tesco sales up 14% in first quarter

Tesco has reported a 13.7% increase in group sales for the 13 weeks ending May 24 driven by higher fuel prices. It has also revealed that total sales in the UK grew by 9.4% over the period.

In the UK, excluding petrol and new store openings, sales in the first quarter were up 3.5% but rising fuel prices, which have gone up by about 20% in the past year, boosted group sales.

The supermarket chain says that although food sales have been good, its rate of growth in non-food has slowed reflecting the general consumer trend on the High Street.

It cut prices on more than 12,500 products during the first quarter in an attempt to woo customers, after consumer confidence, hit by a stalling housing market and record oil prices, fell to its lowest level for four years last month. Tesco reported a 12% increase in annual profits in its previous financial year.

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