THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
International markets boost Tesco figures

Solid growth in group sales - up 8.8%

CITY & CORPORATE

International markets boost Tesco figures

Group sales for the thirteen weeks ending 27 November 2010 increased by 8.8%.
Maturing international businesses, supported by an improving global economy,  have delivered a strong performance with total international sales increasing by 15.7%.
 
The sales performance in Asia was strong, with 23.4% growth. The benefits of the investments made during the recession are coming through with a good sales contribution from new store openings. Like-for-like sales in Asia remain solid at 4.3%; this is slightly behind the 5.0% in the second quarter, due to unseasonably warm weather in North Asia. In China, Tesco opened its fourth Lifespace mall - in Anshan - which has opened well with 96% occupancy.
 
The performance of the businesses in Europe continues to improve with sales up by 7.6%. Like-for-like sales growth at 3.6% continued its recent trend as a result of strong improvements in Hungary and Turkey in particular. Excluding the impact of petrol, all European businesses achieved positive like-for-like sales for the first time in three years.
 
In the United States, sales were up 38.5% with a particularly successful Thanksgiving holiday period. Like-for-like sales growth remained strong at 9.8% driven primarily by increased customer numbers.
The UK business continues to perform well, growing faster than the industry as a whole, with total sales up 5.0% (including VAT and excluding petrol).
 
Like-for-like sales improved to 1.5% (including VAT and excluding petrol) - despite inflation staying low for much of the quarter - with a strengthening performance as the company exited the quarter.  Sales contribution from new space is growing with a strong second-half store opening programme.  New stores, such as the Extras which opened in Bishop Auckland, Nottingham Beeston and Accrington, are helping Tesco towards their target of creating 9,000 jobs in the UK. 
 
Chief Executive, Terry Leahy commented,"We've made good progress in the third quarter with growth from across the Group.  Our continued investment in the shopping trip and our new space opening programme across our markets are giving us good sales momentum and market share gains.  As the global economic recovery gathers pace, our broad-based strategy, combined with our ongoing focus on productivity savings, is enabling us to maintain growth in a sustainable, profitable way - delivering value for customers and for shareholders”.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing