24th Jun 2005 07:00
Tesco PLC24 June 2005 TESCO PLC FIRST QUARTER TRADING STATEMENT GROUP SALES GROW BY 14.6% GROUP SALES Group sales for the twelve weeks ending 21st May 2005 increased by 14.6%, drivenby all four parts of our strategy. The core UK business has shown continuedgrowth, our international operations have delivered a strong start to the year,our non-food market share has improved and our retailing services have alsoperformed well. CONSISTENT GROWTH IN UK BUSINESS Total UK sales for the twelve weeks ending 21st May were up 11.3%, showingconsistent growth in a tough market. Like-for-like sales grew by 8.8%, driven bystrong volumes and a small amount of deflation. Net new stores contributed 2.5%.Petrol volumes continue to benefit from our focus on low prices. Excludingpetrol, like-for-like sales for the quarter increased by 6.8%, after deflationof 1.8%. STRONG INTERNATIONAL PERFORMANCE International sales were up 19.9% at constant exchange rates and by 27.8% atactual rates, helped by strengthening currencies in many of our markets. Aspreviously reported, like-for-like sales growth (adjusted for the timing ofEaster) has improved to 5.5%, helped by a strong customer response to our priceinvestment in Central Europe. Chief Executive, Terry Leahy said: "The whole Tesco team has worked hard to deliver a solid start to a morechallenging year. Our strong sales performance has put us in a good position tomeet the demands of higher oil-related costs across the Group, rising businessrates in the UK, the initial costs of our price investment in Central Europe anda tougher market for Tesco Personal Finance." Contacts:- Investor Relations: Steve Webb 01992 644 800Press: Jonathan Church 01992 646 606 Angus Maitland 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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