Tesco has announced a 3.7%
increase in UK like-for-like sales, but strong growth in
its international operations saw global sales rise 14%
and pre-tax profits were up 11.3%.
First-half operating profits in the UK were up by 14%
from ?1.06bn for the 26 weeks to 23 August to a new mark
of ?1.21bn, against total domestic sales of ?20.12bn.
Growth in non-food slowed to 4%, down from 8% for the
second half of last year.
Global sales, meanwhile, increased by just over 14% ,
reaching a new high of ?28.1bn, up from ?24.6bn for the
equivalent period last year.
Tesco's US arm, Fresh & Easy, launched last year, posted
start-up and exceptional losses of ?60m against total
sales of ?76m.
?Tesco is at its best in tough markets, responding to
the changing needs of customers, and that's why we have
been able to make good progress this year, despite
facing into powerful economic headwinds and carrying
planned start-up losses in the US," said chief executive
?Our business is strong, broadly-based, increasingly
international and, I believe, well-placed not just to
cope with the challenges [that] lie ahead but also to
grasp the growth opportunities open to us by continuing
to invest in our strategy.?