Tesco says growth continues as sales rise again
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Tesco, the UK’s biggest supermarket chain, has reported an 11th consecutive quarter of rising sales.
Across the Tesco group like-for-like sales, which strip out the impact of new stores, were up 4.2% in the second quarter.
Tesco chief executive Dave Lewis said this was the best sales growth in more than a decade.
Sales at Booker, the food wholesaler that Tesco bought at the end of last year, jumped 15.1%.
However, Tesco shares dropped more than 5.5% in early trading.
Bernstein retail analyst Bruno Monteyne said Tesco’s first half figures showed a “strong sales momentum in Booker and UK food retail, but was soft on profitability”.
The firm had “made a good start to the year”, Mr Lewis said, with profits mainly driven by growth in the UK and Ireland.
Pre-tax profit rose 2.2% higher in the first half to £564m.
