Tesco sales dip for fourth quarter
THE UK's biggest supermarket Tesco reported falling sales for the fourth quarter in a row today despite its £500 million price-cutting campaign.
In the UK, where it has 2,700 stores, Tesco recorded a 0.9pc decline in like-for-like sales excluding VAT and petrol in the 13 weeks to November 26, equal to the drop seen in the previous quarter.
Despite the decline, the grocer insisted the results of its Big Price Drop, which saw the cost of 3,000 everyday products slashed, were "promising" as food volumes rose by a whole percentage point, offsetting the deflationary impact of its price cuts.
Elsewhere, Tesco saw a significant slowdown in Asia, which has driven the overall group performance in previous months, where like-for-like sales grew 0.8pc, compared with 3.9pc in the second quarter, as the impact of flooding in Thailand and warm autumn temperatures in South Korea and China took their toll.