Tesco sales “improving”

Tesco has posted a sales increase of 5.7% in third quarter results with like for like sales up 2.8% as the supermarket gears up for Christmas.

The figures show a slowdown in growth against like for like sale sup 3.1% in the previous quarter.

The supermarket says non-food sales are improving with strong sales in toys and electricals. Its banking service Tesco Bank is also “making good progress”.

Sir Terry Leahy, Tesco chief executive, says: “As ever, with Christmas approaching, we’re doing even more for customers with low prices, great promotions including on our Finest range and of course double Clubcard points.”

International sales were up 12% with like for like sales down 3.7% during the quarter, showing improvement from the previous quarter which was down 6.7%.

The supermarkets US chain Fresh & Easy showed “stronger” results benefiting from a marketing drive in September.

Tesco has ramped up its festive marketing this year and yesterday announced it was cutting the price on 200 products in its Finest range following the early distribution of £67m worth of loyalty reward points to Clubcard members.

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