Tesco sales in line with forecasts

Tesco has reported a 4.3% rise in sales in established stores in the UK in its first quarter compared to the same period last year.

Tesco-store

The rise looks low when compared to rivals such as Morrisons recently reported 8.2% rise in the 13 weeks to May 3, but contributes to overall results that are in line with forecasts.

The UK’s largest supermarket group reported a 12.6% rise in sales for the 13 weeks to May 30, excluding petrol.

Tesco says the ‘strong’ growth was led by its international operations, particularly in Asia.

In the UK total growth excluding petrol but including online, non-food and Tesco Personal finance stood a 9.3%.

The retailer says its recent Clubcard relaunch has started strongly, attracting more than 1m customers to take advantage of its ‘doubling-up’ points offer so far.

Tesco says its loss of market share over recent months is due to shoppers switching to its cheaper discount range, which has boosted sales volumes but meant it has not benefited from food price inflation as much as rivals.

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