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18/06/2004
Tesco report jump in UK sales
Tesco's UK market share has taken another jump after its quarterly results defied forecasters expectations.
Tesco's latest quarterly trading report revealed that total UK sales for the 12 weeks ending May 22 were up 11.1% - significantly ahead of industry forecasts. The UK operation of Tesco reported like-for-like sales up 7.8%, driven by strong volumes of 7.7%.
The retail company also reported deflation in non-food, reflecting "continued price cuts", non-food performance had gone from "strength to strength" and that a recent sale in clothing saw the company shift two-and-a-half times more items than in the same period last year.
Overall, Tesco Group sales for the 12 weeks ending May 22 this year increased by 12.3%. The company said that this growth had been driven by a four-part strategy to gain market share that was based on inclusive offers, growing non-food market share, innovative retailing services, and growing international business.
Tesco revealed a strong international sales performance, up 24% in the first quarter based on local currencies, though the strong pound has resulted in sterling sales being up by 18%. Despite some tough trading conditions, Tesco said, all countries had contributed to this growth.
Tesco Chief Executive Terry Leahy said: "I am particularly pleased that our core UK food business has continued to grow market share and to perform very strongly in the first quarter."
However, the supermarket retailers performance has continued to attract criticism in certain quarters. Environmental group Friends of the Earth are to hold a protest outside today's company AGM to be held in London this afternoon. The group are protesting that Tesco has forced many smaller local retailers to abandon their High Street locations.
And also this afternoon, shareholders at the AGM are expected to voice criticism of the Tesco management who, under a proposed incentives scheme, stand to earn massive bonuses that are in some cases would be equivalent to a year's salary.
(SP)
Tesco's latest quarterly trading report revealed that total UK sales for the 12 weeks ending May 22 were up 11.1% - significantly ahead of industry forecasts. The UK operation of Tesco reported like-for-like sales up 7.8%, driven by strong volumes of 7.7%.
The retail company also reported deflation in non-food, reflecting "continued price cuts", non-food performance had gone from "strength to strength" and that a recent sale in clothing saw the company shift two-and-a-half times more items than in the same period last year.
Overall, Tesco Group sales for the 12 weeks ending May 22 this year increased by 12.3%. The company said that this growth had been driven by a four-part strategy to gain market share that was based on inclusive offers, growing non-food market share, innovative retailing services, and growing international business.
Tesco revealed a strong international sales performance, up 24% in the first quarter based on local currencies, though the strong pound has resulted in sterling sales being up by 18%. Despite some tough trading conditions, Tesco said, all countries had contributed to this growth.
Tesco Chief Executive Terry Leahy said: "I am particularly pleased that our core UK food business has continued to grow market share and to perform very strongly in the first quarter."
However, the supermarket retailers performance has continued to attract criticism in certain quarters. Environmental group Friends of the Earth are to hold a protest outside today's company AGM to be held in London this afternoon. The group are protesting that Tesco has forced many smaller local retailers to abandon their High Street locations.
And also this afternoon, shareholders at the AGM are expected to voice criticism of the Tesco management who, under a proposed incentives scheme, stand to earn massive bonuses that are in some cases would be equivalent to a year's salary.
(SP)
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