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'Solid' Tesco sees sales up 4.3% 'Solid' Tesco sees sales pick up
(30 minutes later)
Supermarket chain Tesco has seen UK like-for-like sales, excluding petrol, grow by 4.3% in the 13 weeks to June, in a "solid start to the year". Supermarket chain Tesco says it has made a "solid" start to its financial year, with first quarter like-for-like sales up 4.3% in the UK.
The firm also said there had been a strong response to its relaunched Clubcard loyalty scheme. The sales rise was better than the 3.7% growth Tesco saw in the previous quarter, but was still lower than other supermarket chains have reported.
Tesco boss Terry Leahy said the firm was maintaining strong "momentum in a challenging economic climate".Tesco boss Terry Leahy said the firm was maintaining strong "momentum in a challenging economic climate".
Sales growth in Asia was up by 43.8%, helped by favourable exchange rates, and in the US sales were up by 174%. The firm added there had been a strong response to its relaunched Clubcard.
UK rivals
In overseas markets, sales growth in Asia was 43.8%, helped by favourable exchange rates, and in the US sales were up by 174%.
Tesco also said it was pleased by the performance of last year's acquisitions - Tesco Personal Finance in the UK, which was previously run by Royal Bank of Scotland, and Homever stores in Korea.
However, Tesco's UK sales growth for the three months to 30 May was behind that of competitor Morrisons, which recently reported a 7.3% rise in first quarter sales.
And in May, Asda, the UK supermarket owned by Wal-Mart, saw its quarterly like-for-like sales grow by 8.4%.
In April, Tesco reported underlying annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year, and the highest on record for a UK retailer.In April, Tesco reported underlying annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year, and the highest on record for a UK retailer.
At that time it said its sales topped £1bn a week for the first time, with group sales coming in at £59.4bn.At that time it said its sales topped £1bn a week for the first time, with group sales coming in at £59.4bn.