Tuesday June 16, 09:37 AM
Supermarket Tesco posts surging first-quarter sales
LONDON (AFP) - Britain's biggest retailer Tesco (LSE: TSCO.L - news) said Tuesday that sales jumped 12.6 percent in the first quarter of the group's financial year, boosted by its international division and despite the global downturn.
Sales excluding petrol rose sharply in the 13 weeks to the end of May, compared with the same period of the previous fiscal year, Tesco said in a trading update.
"We've made a solid start to the financial year, maintaining good momentum in a challenging economic climate," chief executive Terry Leahy said in the statement.
In Britain, which sank into recession last year, sales increased by 5.5 percent as the supermarket giant continued to attract new shoppers.
International sales soared by 11.4 percent during the first quarter with a solid European performance despite recession in the eurozone.
Tesco is the world's third-biggest retailer behind US giant Wal-Mart and French group Carrefour (Paris: FR0000120172 - news) .
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