Tesco 13-weeks Group Like-for-like Sales Up 0.9%
British supermarket chain Tesco Plc. (TSCO.L, TSCDY) reported that Group like-for-like sales grew by 0.9% for the 13 weeks to 28 May 2016, with positive like-for-like sales growth in all regions.
Total sales, Including a small contribution from new store openings, grew by 1.1% at constant rates. At actual exchange rates, sales grew by 1.8% including a 0.7% positive foreign exchange translation effect due to a weakening of sterling, principally against our European currencies. The results of Kipa, the company's business in Turkey, have been excluded following its proposed sale, which was announced on 10 June 2016.
Like-for-like sales growth in the combined UK & ROI business was 0.3%.
International like-for-like sales grew by 3.0%, with a positive result in both Asia and Europe for the fourth consecutive quarter. Sales growth of 3.6% at constant exchange rates included a strong performance from our business in Thailand where we saw a positive customer response to improvements in our fresh food offer and to focused promotions, particularly for the important Songkran festival (Thai New Year).
Tesco Bank continues to add value for customers with a simple, clear product offer. Sales increased by 3.5% in the quarter, as strong lending growth helped offset reduced credit card interchange fee income. (dpa)
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