Tesco posts slowest sales growth of 5.5% for quarter |
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Published
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Sat, 26 Nov 2005 07:05
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LONDON: Britain's No 1 retailer Tesco Plc. reported its slowest growth in quarterly sales in the last two years with its non-fuel like-for-like U.K. sales growing by a 5.5 per cent for the 14-week period ending 19 November. It had a 7.5 per cent growth in the corresponding quarter last year.
However, the group's total sales grew by 13.9 per cent, U.K. sales by 11.6 per cent and 7.9 per cent on a like-for-like basis. Sales in Britain account for nearly 80 per cent of the firm's total revenue. Its international sales rose 23.3 per cent and there will be further boost in this segment in the second half as it has added some 150 stores overseas.
The drop in the non-fuel segment, according to analysts, has been largely on account of the severe slow down in non-food sales and a comparatively high growth last year.
The company had kept a target of 3 to 4 per cent growth for the quarter. Its shares were down 0.4 per cent at 3111/2 pence Thursday, valuing the major at 23.2 billion pounds.
The firm, which sells food items to TV sets to furniture, now accounts for 1 in every 8 pounds spent in British shops and a fifth of the country's entire grocery spending.
Tesco's finance director Andrew Higginson claimed that the sales figures were strong as two of the major competitors -- Morrisons and Sainsbury’s -- this time last year were having operational difficulties. "We benefited from that and had exceptional numbers as a consequence. This year we returned to more normal conditions."
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