Jun 15, 2018

Tesco sales keep climbing despite snow disruption

Tesco has posted its tenth consecutive quarter of rising sales as Britain's biggest grocer continues to put its struggles of several years ago behind it and defy the wider gloom on the British high street. The company, which three years ago became embroiled in an accounting scandal while it was also battling intense competition from discount grocery chains Aldi and Lidl, said sales in its core UK business rose 2.1 per cent in the 13 weeks to May 26, compared to the same period last year. This was a touch lower than the 2.3 per cent sales gain Tesco achieved in the previous quarter, but the group said its trading accelerated towards the end of the 13 week period, having been held back in March by heavy snow that dissuaded people from going out shopping. 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, doubled down on fresh food and cut costs. Sales at Booker grew 14.3 per cent during the quarter compared to the previous year, Tesco said, which helped to lift total group sales by 1.8 per cent.

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