Leading UK retailer Tesco has reported on its results for the first quarter of 2012, with overall sales growth of 2.2 per cent driven once more by a strong international performance, while domestic sales slid once more.
In the UK, the group said performance was 'in line with expectations', as like-for-like sales excluding VAT and petrol fell 1.5 per cent on the same period of 2011. Total sales at actual rates and excluding petrol dropped from 2.3 per cent to 2 per cent.
'Tesco has performed robustly in the first quarter despite a subdued consumer confidence in all our markets,' said chief executive Philip Clarke.
'We are rapidly implementing our six-point UK plan and I'm particularly proud of the relaunch of our Everyday Value range and the fact we have now put extra staff into 700 of our stores - in 500 of themwithin the last three weeks alone,' he explained. 'Our customers are seeing the evidence of the changes we're making and they're telling us they like what they see.
It was the group's global markets that again proved the star performers, with international like-for-like sales up 0.5 per cent, or up 3 per cent at actual exchange rates and excluding petrol.
Asia in particular stood out, the group noted, with total sales up 9.1 per cent year-on-year helped by new store openings, while European sales climbed 6 per cent and Fresh & Easy in the US 'maintained a positive sales momentum'.
'Internationally, like-for-like sales growth proved resilient, despite slowing economic growth in China and the emerging impact of recently introduced shopping hours legislation in South Korea,' Clarke added. 'Against the backdrop of continuing uncertainty in the Eurozone, it is pleasing to see that our businesses have largely sustained their performance.'
In Tesco's outlook report, the retailer said that it was performing in line with expectations and its yearly outlook remained unchanged.
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