June 26, 2020 / 6:18 AM / 20 days ago

Tesco's UK sales rise 8.7% in lockdown quarter

LONDON, June 26 (Reuters) - Tesco, Britain’s biggest retailer, said underlying UK sales rose 8.7% year-on-year in its first quarter to May 30, boosted by the country being on coronavirus lockdown for the majority of that period.

The group, which has a 27% share of Britain’s grocery market, on Friday maintained its expectation that retail operating profit in the 2020-21 year was likely to be at a similar level to 2019-20 on a continuing operations basis.

Tesco did, however, increase its provision for bad debts at Tesco Bank and now expects it to report a loss of up to 200 million pounds ($248.6 million). ($1 = 0.8046 pounds) (Reporting by James Davey; Editing by Alistair Smout)

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