Tesco announces strong year end sales

The company’s overseas businesses delivered (excluding petrol) an increase of 4.1 percent at constant exchange rates and 7.4 percent at actual rates. Like-for-like sales in Asia, Europe and in the United States have continued the improving trend of the third quarter, the company said in a press release. In Europe, sales grew by 0.8 percent at constant exchange rates and decreased by 2.2 percent at actual rates, while Asia recorded a growth of 7.8 percent at constant exchange rates and 8.0 percent at actual rates. In the United States, Fresh and Easy had a stronger Christman and New Year period than last year with a plus of 35 percent at constant exchange rates (24 percent at actual rates).

In the UK, Tesco’s sales increased by 8.3 percent compared with the same period last year (8.0 percent excluding petrol). Like-for-like sales excluding petrol and including VAT increased by 5.1 percent in the period (4.9 percent VAT adjusted), all of which was volume growth, the company pointed out, adding that this was the strongest Christmas performace.

The growth rate in online sales approach 20 percent in the six weeks with an increase of over 50 percent in toys, TVs, games and entertainment (including digital downloads).