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Tesco sales drop for first quarter Monday, 11th June 2012
Tesco Green Store in Shrewsbury Photo credit: Tesco Plc
Tesco’s UK sales fell 1.5 per cent during “challenging quarter” for retailer.
The UK’s largest retailer said like-for-like sales, excluding both petrol and VAT, declined by 1.5 per cent in the 13 weeks to 26 May. The results will come as a blow to the supermarket giant, following its shock profit warning back in January.
The BBC reported that Tesco had described its performance as “steady”, adding that its business was still managing to outpace the wider supermarket sector, in what it said was “a challenging quarter for the industry as a whole".
Global sales increased 2.2 per cent , "despite subdued consumer confidence in all our markets”.
Tesco left its profit target for the year ahead unchanged, pointing to a successful Diamond Jubilee bank holiday to boost sales into its second quarter.