Published on 15 - June - 2010
Tesco sales slow due to rising petrol pricesTesco has reported a rise in UK overall like-for-like sales of just 0.1% (VAT adjusted, excluding petrol) for the 13 weeks to May 30, due to rising fuel prices and low food inflation.
According to the supermarket's interim management statement, published today, total UK sales including VAT and petrol grew by 6.5%, while overall like-for-like sales including petrol grew by 3.8%. Excluding petrol, like-for-likes were up 1.1%.
Group sales were up by 8.2%, translating to 6.9% excluding petrol.
However, despite an uncertain financial climate, the supermarket chain said it continues to see evidence of a steady consumer recovery, with non-food like-for-like sales growth remaining positive during the first quarter.
Chief executive Terry Leahy, who steps down in March, commented: "Tesco has made a solid start to the new financial year. We're making good progress with our strategy: investing in the shopping trip for customers, driving strong productivity gains, growing space and winning market share. The long-term global recovery is well underway although the pace and strength of economic recovery varies across our markets. We're in good shape and well-positioned to deliver further growth as the economic environment continues to improve."
DIYWeek.net does not edit comments which are submitted directly by our users to express their own views. Please report abuse of our comment system here.
© Datateam Business Media Limited 2010. DIY Week.net news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.