Tesco reports solid first quarter sales growth

Tesco shop

"There are strengthening signs that Tesco is returning to some of its former glories", Richard Hunter, head of markets at Interactive Investor, said by email.

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 United Kingdom and Ireland alone.

"Performance improved through the quarter (after taking the timing of Easter into account), recovering from the impact of adverse weather conditions experienced in March", Tesco said in its quarterly report. 'We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions.

However, Sainsbury's' proposed £7.3 billion takeover of Walmart's Asda would push Tesco down into second place, posing a serious threat to the group.

Looking at the broader retail industry, Lewis said he was pressing the government to be more supportive, particularly as regards a relaxation of business rates - property taxes for businesses.

The group delivered positive like-for-like growth for a tenth consecutive quarter, with an improvement of 1.8%.

The company's chief executive, Dave Lewis, said food price inflation had dropped and the company had also been affected by bad weather.


As part of Tesco's recovery it has bought wholesaler Booker for £4 billion to expand into supplying restaurants, cafes and local shops.

As a group, underlying sales growth was 1.8 percent, its strongest quarterly performance since 2011.

Tesco had been forced to rebuild after a 2014 accounting scandal capped a downturn in trading.

The shares are outperforming the broader United Kingdom market, with the benchmark FTSE 100 index having slipped marginally into the red and now standing 0.12 percent lower at 7,756.26 points.

Tesco's Middleton DC is to support Booker growth during the busy summer trading period.

Already this year Toys R Us UK, Maplin, Conviviality and Poundworld have collapsed, while Marks & Spencer, New Look, Carpetright, Mothercare and House of Fraser are closing stores.

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