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| Version 1 | Version 2 |
|---|---|
| Tesco's quarterly sales hit by 'challenging' trading | Tesco's quarterly sales hit by 'challenging' trading |
| (about 6 hours later) | |
| Tesco's UK sales have fallen over the past three months, in what the retailer said was "a challenging quarter for the industry as a whole". | Tesco's UK sales have fallen over the past three months, in what the retailer said was "a challenging quarter for the industry as a whole". |
| Its like-for-like UK sales, excluding both petrol and VAT, declined by 1.5% in the 13 weeks to 26 May. | Its like-for-like UK sales, excluding both petrol and VAT, declined by 1.5% in the 13 weeks to 26 May. |
| Tesco described the performance as "steady" and said it was outperforming the wider supermarket sector. | Tesco described the performance as "steady" and said it was outperforming the wider supermarket sector. |
| Its total global sales increased by 2.2%, "despite subdued consumer confidence in all our markets". | Its total global sales increased by 2.2%, "despite subdued consumer confidence in all our markets". |
| 'Steady statement' | 'Steady statement' |
| Back in April, Tesco announced that it was to spend £1bn on revamping its UK operation. | Back in April, Tesco announced that it was to spend £1bn on revamping its UK operation. |
| Tesco chief executive Philip Clarke said the company was now "rapidly implementing" this plan, with 4,300 extra staff having so far been recruited across 700 stores. | Tesco chief executive Philip Clarke said the company was now "rapidly implementing" this plan, with 4,300 extra staff having so far been recruited across 700 stores. |
| The company added that 100 outlets had now been "refreshed" since the start of 2012 and more than 145,000 employees had been given additional training. | The company added that 100 outlets had now been "refreshed" since the start of 2012 and more than 145,000 employees had been given additional training. |
| Turning his attention to Tesco's overseas operations, Mr Clarke said: "Internationally, like-for-like sales growth proved resilient, despite slowing economic growth in China. | Turning his attention to Tesco's overseas operations, Mr Clarke said: "Internationally, like-for-like sales growth proved resilient, despite slowing economic growth in China. |
| "Against the backdrop of continued uncertainty in the eurozone, it is pleasing to see that our businesses have largely sustained their performance." | "Against the backdrop of continued uncertainty in the eurozone, it is pleasing to see that our businesses have largely sustained their performance." |
| Despite the fall in sales, Tesco said its profit target for the year ahead remained unchanged. | |
| Clive Black, retail analyst at Shore Capital said: "We see this as a steady statement suggesting stabilisation is coming through in the UK." | Clive Black, retail analyst at Shore Capital said: "We see this as a steady statement suggesting stabilisation is coming through in the UK." |
| Tesco added that since these latest figures, Diamond Jubilee celebrations had given it weekly sales of £1bn, its highest on record apart from Christmas. | Tesco added that since these latest figures, Diamond Jubilee celebrations had given it weekly sales of £1bn, its highest on record apart from Christmas. |