Tesco reports ‘solid’ results

Tesco has made a “solid start” to the year with UK sales up 3.8%.

Tesco CEO Sir Terry Leahy claims the supermarket chain is “performing well” and growing faster than the industry.

Like for like sales, which exclude new stores, increased only 0.1% during the quarter ending 30 May.

Tesco says its international business is making “good progress” with total international sales up 11.9%

Leahy says the global economic recovery is “well underway” and points to a steady consumer recovery in the UK, demonstrated by growth in its Finest range and non-food sales.

Sales of televisions have performed well thanks to Tesco’s World Cup marketing push, it says.

Leahy says the Clubcard loyalty scheme continues to perform well following the introduction of Double Points last year.

Leahy announced last week that he was to step down from his position in March next year ending his 13-year tenure as Tesco CEO.

He will be replaced by Tesco head of international Philip Clarke.