- Prachi Singh |
Tesco Plc like-for-like sales grew by 1.8 percent for the 13 weeks to May 26, 2018, representing a tenth consecutive quarter of positive growth. Total sales at constant exchange rates were up 1.8 percent and 2.3 percent at actual exchange rates, including a 0.5 percent positive foreign exchange translation effect. Clothing like-for-like sales were up 1.7 percent with full price sales participation in stores increasing by 140 basis points year-on-year to over 87 percent.
Commenting on the first quarter trading, Dave Lewis, Tesco’s Chief Executive said in a media statement: “Our growth plans are on track and we are pleased with the momentum in the business. We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions.”
Like-for-like sales in UK & ROI up 3.5 percent
The company said, while general merchandise as a whole negatively impacted total sales growth as it continues to refine the product ranges, seasonal categories performed particularly well.
Like-for-like sales in the combined UK & ROI business grew by 3.5 percent. Tesco UK like-for-like sales were up 2.1 percent. The company added that performance improved through the quarter, recovering from the impact of adverse weather conditions experienced in March.
Like-for-like sales in ROI grew by 3 percent, despite store closures across our entire estate for one day, as a result of adverse weather conditions in early March. Despite a strong underlying performance in Central Europe, with growth in fresh food and improving performance in Hungary, overall like-for-like sales were down 1 percent in the quarter.
In Poland, changes to Sunday trading regulations resulted in six fewer trading days and in Slovakia, changes to public holiday opening times resulted in four fewer days. Combined, this impacted sales for the region by 1 percent to 1.5 percent decline.
Asia like-for-like sales were down 9 percent, however, Tesco said that the pace of sales decline in Asia eased throughout the period and fresh food performed strongly with like-for-like sales growth of 4.5 percent.