Tesco Posts Second Straight Quarter Of Sales Growth In 1Q 2016

Tesco reported like-for-like sales grew 0.9 percent in the first quarter ending May 28, 2016, compared with the same period in 2015. Marking the second straight quarter of growth, total sales grew 1.1 percent at constant rates. At actual exchange rates, however, sales grew 1.8 percent, with a 0.7 percent positive foreign exchange rate effect due to a weaker sterling against European currencies. Supported by the retailer’s Brand Guarantee program, Tesco now offers customers a weekly shop that is 6 percent cheaper than it was in September 2014, the company said.