Tesco sees higher sales on robust global biz

British retail major Tesco saw sales climb 8.2 per cent for the thirteen weeks ended May, 2010, helped by good growth in the US and Asia.

Tesco, which expects to open its first cash-and-carry store in India by the end of the year, said international sales shot up 11.9 per cent during the same 13-week period.

"Group sales for the thirteen weeks ending May 30, 2010, increased by 8.2 per cent," it said in a statement today.

In Asia, sales rose 15.4 per cent and the growth was supported by new store openings. An increased number of customers pushed up sales in the US by 37.8 per cent for the thirteen weeks ended May, 2010.

"The long-term global recovery is well underway, although the pace and strength of economic recovery varies across our markets," Tesco CEO Terry Leahy said.
    
"We are in good shape and well-positioned to deliver further growth as the economic environment continues to improve," he noted.
    
The retailer had reported a 10.4 per cent jump in profit before tax to 3.18 billion pounds for the year-ended February 27, 2010.
    
In April, Tesco said that its plans in India were progressing well.
    
"Our local management team is helping our franchise partner, Trent, to develop its Star Bazaar hypermarket operation. Plans for our wholesale business are also on track, with our first cash-and-carry store expected to open towards the end of this year," the company had said.
    
In India, Tata Group firm Trent is the joint venture partner of Tesco for the cash-and-carry business.