Tesco Posts Like-For-Like Sales Growth In First Half
UK retailer Tesco has posted 1.0% like-for-like sales growth, including 0.6% like-for-like sales growth in its home market, in the first half of the year.
The retailer said that it made "significant progress" against three priorities: to be competitive in the UK, to have a more secure balance sheet, and to rebuild trust.
Volumes at its UK business were up 2.1%, while international volumes were up 3.3%.
Group sales for the period stood at £24.4 billion – a 1.3% increase at constant exchange rates.
In Ireland, like-for-like sales were up 0.2%, while European business saw growth of 2.0%.
"We have made further, strong progress in the first half, with positive like-for-like sales growth across all parts of the group, as we reinvest in our customer offer whilst rebuilding profitability in a sustainable way,” said Dave Lewis, Tesco chief executive.
“Whilst the market is uncertain, we have made significant progress against the priorities we set out two years ago, stabilising the business and positioning us well for the future. Today, we are sharing the plans we have in place to become even more competitive for our customers, even simpler for colleagues, and an even better partner for our suppliers, whilst creating long-term, sustainable value for our shareholders."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.