Tesco Reports Slight Improvement In Sales For 2015-2016

UK retailer Tesco reported like-for-like sales in the local market grew 1.1 percent in the first half of fiscal year 2015-2016, which included more growth in the second quarter. Like-for-like sales for the company’s international units grew 1.0 percent in the first half, with both Europe and Asia markets showing positive growth rates in the second quarter. In the UK, growth was driven by the retailer’s focus on service, availability, and price. Tesco said operating profit reached £354 million, and claimed it was on track on deliver £400 million in annual cost savings from its restructuring investment.