26th Jun 2015 06:16
LONDON (Alliance News) - Tesco PLC Friday reported a drop in like-for-like sales in the first quarter of its financial year, as the grocer tries to pick itself up from the difficult year it recently finished and it continues cutting prices in a deflationary UK food market.
The UK's largest retailer reported a 1% drop in group like-for-like sales excluding fuel in the 13 weeks to May 30, as combined UK and Republic of Ireland like-for-like sales declined 1.5% and international like-for-likes fell 1%.
UK like-for-like volumes were up 1.4%, however, with transactions growing by 1.3%, Tesco said.
"We set out to serve our customers a little better every day and the improvements we are making are starting to have an effect. We are fixing the fundamentals of shopping to win back customers and relying less on short-term couponing. Customers are experiencing better service, better availability and lower, more stable prices and are buying more things, more often, at Tesco," Chief Executive Dave Lewis said in a statement.
"Whilst the market is still challenging and volatility is likely to remain a feature of short-term performance, these first quarter results represent another step in the right direction," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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