Tesco 1Q Group Like-For-Like Sales Increase 1.8%

By Maryam Cockar

Tesco PLC (TSCO.LN) said Friday that it delivered positive like-for-like sales growth for a tenth consecutive period in the first quarter.

For the 13 weeks ended May 26, the U.K.'s biggest grocer by market share said group like-for-like sales growth was 1.8% compared with 1% growth a year earlier.

Same store sales for Tesco's core U.K. unit grew by 2.1% vs. 2.3% growth the previous year, the company said.

U.K. and Ireland like-for-like sales increased 3.5% compared with 2.2% growth a year earlier.

Fresh food like-for-like sales growth was 1% in Central Europe and 4.5% in Asia, Tesco said.

"Our growth plans are on track and we are pleased with the momentum in the business. We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions. We are delighted with initial progress on Booker, and are focused on delivering the synergy benefits that our merger brings," Chief Executive Dave Lewis said.

Write to Maryam Cockar at [e-mail]

(END) Dow Jones Newswires

June 15, 2018 02:31 ET (06:31 GMT)

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