Tesco bags another quarter of sales growth
By Andrew Merrell | 15th June 2018
Less than two per cent growth might not sound like much but when you work in retail and it is your tenth quarter increase in a row perhaps it is no mean feat.
Whatever your thoughts on the matter, it is exactly what Tesco has achieved - a 1.8 per cent increase in like-for-like sales group-wide and a 3.5 per cent rise in the UK and Ireland alone.
According to analysts it is thanks in no small part to the rise in sales at its recently acquired Booker division.
Remove that from the equation and Tesco bagged a 2.1 per cent sales rise in its UK market.
Tesco said sales at the wholesale and convenience store Booker during the 13-week period to May 26 rose 14.3 per cent. Tesco bought the Booker chain for £3.7 billion.
Dave Lewis, group chief executive, said the brand's growth plans remained on track and the addition of Booker to its stable was working well.
"We are delighted with initial progress on Booker and are focused on delivering the synergy benefits that our merger brings," he said.
The super market giant's first quarter trading statement follows full-year trading figures which shows a 28.4 per cent spike in operating profit and a 2.3 per cent rise in group sales to £51 million.
It wasn't all good news. Sales fell one per cent in both Tesco's Asian and Central European markets.
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