Tesco Enjoys Sales Surge In Build Up To Xmas

Tue, 05 Dec 2006
 
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The UK's largest supermarket retailer, Tesco, has reported further sales growth in its third quarter and said trading is ‘looking good’ going into the Christmas period.

Tesco’s continued success has come at a time when the market is looking somewhat ‘subdued’, as Woolworths warned its sales have fallen below expectations in the past two months. The toys and entertainment retailer said that, unless trading picks up noticeably in the next three weeks, its full year profits could plunge to less than half from the previous year's total.

"There's all to play for, but so far so good, we are looking forward to having a good Christmas," said Tesco strategy and finance director Andrew Higginson.

The supermarket group said group sales rose 9.6 per cent in the 13 weeks leading up to November 25, or 10.3 per cent excluding fuel . The sales figures were helped considerably by a strong boost by the launch of its online operation, Tesco.com .

International sales were also up 17.9 per cent at constant exchange rates .

The company’s plans for launching overseas remains on track with the retailer expecting to open more than 300 new stores in the second half of 2007, its biggest ever opening programme overseas.

With Tesco accounting for roughly £1 in every £8 spent in the UK retail sector, its results continue to be closely monitored.

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