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'Tesco performs robustly in first quarter' - CEO
Jun '12

Tesco releases first quarter interim management statement 2012/13.

Philip Clarke - Chief Executive "Tesco has performed robustly in the first quarter despite subdued consumer confidence in all our markets.

"We are rapidly implementing our six-point UK plan and I'm particularly proud of the relaunch of our Everyday Value range and the fact we have now put extra staff into 700 of our stores - in 500 of them within the last three weeks alone. Our customers are seeing the evidence of the changes we're making and they're telling us they like what they see.

"Internationally, like-for-like sales growth proved resilient, despite slowing economic growth in China and the emerging impact of recently introduced shopping hours legislation in South Korea. Against the backdrop of continuing uncertainty in the Eurozone, it is pleasing to see that our businesses have largely sustained their performance."

Progress on Our Plans to Build a Better Tesco

  • Solid Q1 trading performance and good progress on our strategic priorities
  • Another robust quarter for the international business, with Asia driving sales growth
  • UK performance in line with expectations, and an improvement relative to the market
  • Steady progress with Building a Better Tesco in the UK

Group sales  for the thirteen weeks ending 26 May 2012 increased by 2.2% including petrol (3.8% at constant exchange rates) and by 2.2% excluding petrol (3.9% at constant exchange rates).

UK performance

as expected Our performance in the UK has been steady during a challenging quarter for the industry as a whole. Overall, it was in line with our expectations and, importantly, improved relative to the market. Kantar data shows that market growth declined by 1.3%, from 3.7% in Q4 to 2.4% in Q1. Our total sales growth, over a very similar period, reduced by only 0.3%, from 2.3% to 2.0%.

The industry remained very competitive through the quarter, with a significant amount of couponing activity.

Total sales including VAT and petrol grew by 2.1% and by 2.0% excluding petrol. Our like-for-like sales, excluding both VAT and petrol, reduced by (1.5)% in the quarter.

The improving quality of our own-label range was recognised at the recent Grocer Awards, where Tesco won 28 awards for food and drink products - significantly more than any other retailer.

We are getting on with the detailed implementation of our six-part plan to Build a Better Tesco in the UK. A substantial amount of work has already started in each part of the plan, including:

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