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Tesco like-for-like sales up 2.8%

Tesco achieved strong sales in the third quarter boosted by it's double points Clubcard reward scheme

CITY & CORPORATE

Tesco like-for-like sales up 2.8%

Tesco achieved strong sales in the third quarter boosted by it's double points Clubcard reward scheme

Group sales for the thirteen weeks ending 28 November 2009 increased by 8.8%, excluding petrol.Growth was 7.7% including petrol

In the UK like-for-like sales for the quarter increased by 2.8%.Net new stores contributed 2.9%, bringing total growth excluding petrol to 5.7% (4.7% growth including VAT). Including petrol, which has seen substantial deflation, total UK sales including VAT grew by 4.2%.

Chief Executive, Terry Leahy commented “We’ve continued to make good progress this quarter with contributions to growth from across the business. We are seeing improving customer confidence and encouraging trends in both the UK and our international businesses, although recessionary conditions still exist in a number of markets. As ever, with Christmas approaching, we’re doing even more for customers with low prices, great promotions, including on our Finest range, and of course double Clubcard points. Our investment in growth – in new space and from the two acquisitions last year – is providing us with good momentum and a strong platform for the future.”

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