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Tesco reports strongest UK sales growth for seven years
June 16, 2017 / 6:11 AM / 5 months ago

Tesco reports strongest UK sales growth for seven years

LONDON, June 16 (Reuters) - Tesco, Britain’s biggest retailer, reported its strongest quarterly sales performance for its home market in seven years on Friday as it navigated an increasingly inflationary trading environment.

Tesco, which in January agreed to buy wholesaler Booker for 3.7 billion pounds ($4.7 billion), said UK like-for-like sales rose 2.3 percent in the 13 weeks to May 27, its fiscal first quarter - a sixth straight quarter of growth.

The outcome was ahead of analysts’ forecasts in a range of up 1.7-2.0 percent and built on growth of 0.7 percent in the previous quarter.

Tesco said total group like-for-like sales rose 1 percent.

“This is a good start to the year,” said Chief Executive Dave Lewis.

“We are confident in our plans to create long-term, sustainable value for our key stakeholders and to deliver on the ambitions we have set out.” ($1 = 0.7831 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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