Monday 24 October 2016

Tesco reports second straight quarter of sales growth

James Davey

Published 23/06/2016 | 07:31

(Stock picture)
(Stock picture)

Tesco, Britain's biggest retailer, on Thursday reported a second successive quarter of UK underlying sales growth, the first time it has done so in over five years, indicating the firm is making steady progress under chief executive Dave Lewis.

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Tesco said sales at stores in its home market open over a year rose 0.3pc in the 13 weeks to May 28, its fiscal first quarter.

That compared to analysts' forecasts of flat to up 0.5 percent and built on growth of 0.9pc in the previous quarter - its first quarter of underlying UK sales growth for over three years.

Group like-for-like sales grew 0.9pc.

"We are encouraged by the progress we are making," said Lewis.

"I am confident that the improvements we are making for customers are working and will create long-term value for our shareholders."


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