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| Tesco sees UK sales grow by 2.5% | Tesco sees UK sales grow by 2.5% |
| (10 minutes later) | |
| Supermarket giant Tesco has reported UK sales growth of 2.5% in the seven weeks to 10 January. | Supermarket giant Tesco has reported UK sales growth of 2.5% in the seven weeks to 10 January. |
| While the figure, which strips out petrol sales and new stores, had been expected, the firm said this came against "challenging conditions". | While the figure, which strips out petrol sales and new stores, had been expected, the firm said this came against "challenging conditions". |
| Tesco said that its total group sales had risen by 11.6% over the period, helped by its overseas growth. | Tesco said that its total group sales had risen by 11.6% over the period, helped by its overseas growth. |
| The economic slowdown is forcing consumers to cut their spending, notably on non-essential goods. | |
| A survey of the UK economy, released on Tuesday by the British Chambers of Commerce (BCC) suggested there had been a "frightening deterioration" in the UK economy towards the end of 2008. | |
| However, while Tesco's UK like-for-like sales growth was the slowest since the early 1990s, Sainsbury's reported last week that it had enjoyed its "best ever Christmas" with sales up 4.5%. | |
| Overseas growth | |
| Tesco, which operates in 13 countries, said its performance had been "against the background of challenging trading conditions in all of our markets caused by the global economic slowdown". | |
| The latest figures come after the supermarket saw UK sales growth of 2% in the 13 weeks to 22 November. | |
| While UK trading conditions remain difficult, the firm has benefitted from international sales, which were up by 32.7%. | |
| Sales in Asia were especially strong, up 43%, while European sales grew 24%. |