Tesco has once again surprised City forecasters wby reporting sales growth of 14.6 per cent in the first quarter of its financial year.
Predictions had come in somewhat lower than the 11.3 per cent sales hike recorded at core UK stores, which translates into an 8.8 per cent uplift on a like-for-like basis.
The supermarket chain’s trading update for its UK operation said: "The core UK business has shown continued growth, our international operations have delivered a strong start to the year, our non-food market share has improved and our retailing services have also performed well.”
And, after a record-breaking £2bn plus profit year, chief executive Sir Terry Leahy hailed "a solid start to a more challenging year".
Overseas sales grew by 19.9 per cent, when calculated using constant exchange rates. Central European stores performed particularly strongly.
Tesco has more than 2,300 stores in 13 countries including Japan, Poland, Turkey, Hungary, and a joint venture in China.
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