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Tesco sees strong performance in menswear & childrenswear
06 Oct '10
4 min read
The sales performance in Asia was encouraging, with 27.7% growth (12.4% at constant exchange rates), helped by stronger trends across the region, with particularly pleasing growth in Korea and Thailand. In Europe, sales grew by 5.8% (8.6% at constant exchange rates), with economies now generally in recovery. Ireland's sales turnaround continued and Poland performed well.
Overall International like-for-like sales growth was 4.1% in the second quarter (compared with flat in the first quarter) – with 5.0% growth in Asia and 3.1% growth in Europe. In the United States, sales were up 58.0% (44.9% at constant exchange rates), with strong like-for-like sales – at 12.2% - driven primarily by increased customer numbers.
The UK business performed solidly, growing faster than the industry as a whole. Whilst overall like-for-like sales growth including petrol was 2.4% in the quarter, higher fuel costs meant that customers have had to shift some of their spending to petrol at the expense of their normal shopping. This, combined with low food inflation – resulting from unusually high levels in the first half last year – constrained industry growth. Our own ex-petrol like-for-like sales growth of 1.3% was a similar rate of increase to the first quarter. Although customers in the UK face some uncertainties, we continue to see evidence of a steady consumer recovery.
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Overall International like-for-like sales growth was 4.1% in the second quarter (compared with flat in the first quarter) – with 5.0% growth in Asia and 3.1% growth in Europe. In the United States, sales were up 58.0% (44.9% at constant exchange rates), with strong like-for-like sales – at 12.2% - driven primarily by increased customer numbers.
The UK business performed solidly, growing faster than the industry as a whole. Whilst overall like-for-like sales growth including petrol was 2.4% in the quarter, higher fuel costs meant that customers have had to shift some of their spending to petrol at the expense of their normal shopping. This, combined with low food inflation – resulting from unusually high levels in the first half last year – constrained industry growth. Our own ex-petrol like-for-like sales growth of 1.3% was a similar rate of increase to the first quarter. Although customers in the UK face some uncertainties, we continue to see evidence of a steady consumer recovery.
Click here for more details
Tesco Plc
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