Tesco announces further positive growth
Tesco has published its quarterly report for the 13 weeks ending 26 May 2018, which show positive sales growth at the retailer for a tenth consecutive quarter.
15 June 2018 | 0
Tesco delivered like-for-like sales growth for a tenth consecutive quarter, further consolidating the company’s position at the top of Ireland’s grocery share index. This according to the group’s quarterly report, covering the 13 weeks to 26 May 2018. Sales growth in the Irish operation amounted to 3.5%, while in the UK the final figure was 1.8%.
Tesco says its improvement is due to continuing work to develop the consumer offer, which was 10,000 own-brand products relaunched, of which 2,850 have been completed to date. Pricing investments, particuarly in fresh food, also took place, while the bottom line was adjusted by the closure if the loss-making Tesco Direct, a move which is part of the company’s efforts to establish a more sustainable non-food offering.
“Our growth plans are on track and we are pleased with the momentum currently in the business,” said Tesco chief executive Dave Lewis. “We remain well-placed to serve our customers better, and deliver on our medium-term ambitions.”
Lewis added that the group is delighted with the progress that it has made on Booker, the wholesale business it acquired earlier this year in a £4bn deal.
Overall sales were down for Tesco in Central Europe and Asia, by -1% and -9% respectively, leading to accumulated sales growth of +1.8% for the global operation.