Tesco maintains quarterly growth as turnaround momentum
bdlive.co.za - Jun 23rd 2016, 10:18
London - Tesco reported a second straight quarter of UK sales growth, the first time it’s done so in five years as the grocer’s turnaround gains momentum.
Excluding fuel, same-store sales in the UK rose 0.3% in the 13 weeks to May 28, the UK’s largest retailer said in a statement on Thursday. That compares with the median of 13 analysts’ estimates compiled by Bloomberg for a 0.2% increase.
“We are encouraged by the progress we are making," chief executive officer Dave Lewis said in the statement. “By growing volumes, transforming the way we work together with our suppliers, and further optimizing our store operating model, we are rebuilding profitability in a sustainable way.”
Tesco’s shares have fallen 31% since the start of April amid concerns that the price cuts it’s taken to improve sales will dent profitability. To help sharpen management’s focus, Lewis this month jettisoned its Turkish grocery business as well as its UK garden-centre and restaurant chains.
In Tesco’s other European businesses, same-store sales rose 2.8%. Businesses in Asia recorded growth of 3.3%.
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