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| British retailer Tesco's Q1 sales rise 12.6% |
| Press Trust of India / London Jun 16, 2009, 20:07 IST |
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Beating the recession blues, British retailer Tesco saw its group sales climb 12.6 per cent for the first quarter ended May 30.
Boosted by good performance in the Asia region, the retail giant's international sales shot up 20.1 per cent in terms of actual exchange rates.
The group sales for the thirteen weeks ending May 30, 2009, "increased by 12.6 per cent, excluding petrol, driven by all parts of our strategy. Growth was 9.7 per cent including petrol. Our international operations, particularly those in Asia, have delivered another strong start to the year...", Tesco said in its first quarter interim management statement today.
The entity's international sales jumped by 20.1 per cent at actual exchange rate (11.4 per cent at constant rates), bolstered by impressive growth in Asia and the US, among others.
"Growth in Asia was encouraging – at 43.8 per cent – helped by exchange rates and continued excellent performance from the converted Homever stores in Korea. In the US, customer numbers continue to grow strongly and sales grew by 174 per cent," the statement noted.
In the UK, Tesco recorded a growth of 4.3 per cent for the thirteen weeks ended May 30. "Excluding petrol and VAT, like-for-like retail sales for the quarter increased by 4.3 per cent (3.3 per cent growth including VAT)," it added.
Tesco's Chief Executive Terry Leahy said the company has made a solid start to the financial year, "maintaining good momentum in a challenging economic climate – by investing in our offer for customers and adjusting our businesses well locally to meet their changing needs".
Leahy also noted that Tesco is keeping a strong focus through the downturn on its long-term strategic objectives.
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