Tesco reports rise in Q3 sales
Supermarket giant Tesco has today reported an increase in sales for the 13-week period to November 27.
Like-for-like UK sales excluding fuel grew 1.5% in the three month period, while overseas growth rose by 4.1%.
However, growth surged in the US, with a 9.8% rise on a like-for-like basis.
The supermarket, which is the UK’s largest retailer, runs over than 5,000 stores in more than a dozen countries.
The group said it is “continuing to see evidence of a steady consumer recovery” in the UK.
However, tax hikes and spending cuts could take their toll in the coming months in the UK market, but the grocer is currently benefiting from a global economic recovery led by Asia.
Commenting on today’s figures, chief executive Terry Leahy said: “Our continued investment in the shopping trip, and our new space opening programme across our markets, are giving us good sales momentum and market share gains.”
Tesco is currently the world’s third largest retailer, behind France’s Carrefour SA and Wal-Mart Stores Inc.
In related news today, falling temperatures led to a slowdown in retail sales in November, the British Retail Consortium (BRC) revealed today.
According to the BRC, values were just 0.7% higher compared with November 2009 as consumers are cautious about the uncertainty surrounding the economy and are fearful of spending cuts and rising taxes.
The cold weather and snowfall that swept much of the country late in the month meant consumers delayed their Christmas shopping.