Jun 15, 2018

Tesco food price cuts fuel sales rise for tenth consecutive quarter

Tesco on Friday reported its tenth consecutive quarter of rising sales as Britain's biggest retailer defied the wider gloom on the high street by cutting food prices. Across the group, like-for-like sales rose 1.8 per cent, boosted by a strong performance from Booker, the food wholesaler acquired for £4bn earlier this year. The UK sales rise in the most recent quarter was a touch lower than the 2.3 per cent sales gain Tesco achieved in the previous quarter. This came after Tesco reported a sharp rise in annual profits in April, cementing a comeback that began after Mr Lewis simplified Tesco's operations by selling off far-flung businesses and properties, and doubling down on fresh food and cost cuts. Sales at Booker grew 14.3 per cent during the quarter compared with the previous year, Tesco said.

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