Tesco sales growth slows in ‘subdued’ UK market

Tesco said sales growth in its core UK business slowed in the first quarter, but that it had outperformed a "Subdued" grocery market. The grocer, which is nearing the end of a four year turnround programme under chief executive Dave Lewis, said on Thursday that like-for-like sales grew 0.2 per cent in the 13 weeks to the end of May to £14bn. In the key UK business, sales grew 0.4 per cent, slower than the 1.7 per cent it had recorded in the previous quarter when it was boosted by strong Christmas trading. "We have had a strong start to the year, growing ahead of the UK market on both a volume and value basis," Mr Lewis said. UK online grocery sales were up 7 per cent year-on-year. Lewis set a target of cutting £1.5bn off Tesco's cost base and achieving a 3.5-4 per cent operating margin in its core UK business by the 2019/20 financial year, which ends in February next year.

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