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Tesco's first quarter sales down 1.3% but heralded as 'step in the right direction' | Tesco's first quarter sales down 1.3% but heralded as 'step in the right direction' |
(35 minutes later) | |
Tesco has said that it has taken “another step in the right direction” after UK like-for-like sales fell by 1.3 per cent in the first quarter of the financial year. | Tesco has said that it has taken “another step in the right direction” after UK like-for-like sales fell by 1.3 per cent in the first quarter of the financial year. |
Despite the fall, the supermarket giant said that the results had been an improvement on the 4 per cent fall in the same period last year. The figures are a 1.7 per cent decrease on the previous quarter’s results. | Despite the fall, the supermarket giant said that the results had been an improvement on the 4 per cent fall in the same period last year. The figures are a 1.7 per cent decrease on the previous quarter’s results. |
Dave Lewis, chief executive of Tesco, said that the company’s short-term performance was likely to remain volatile while the market was challenging. | Dave Lewis, chief executive of Tesco, said that the company’s short-term performance was likely to remain volatile while the market was challenging. |
The company’s sales in Ireland fell by 4.4 per cent compared to 5.6 per cent one year ago, while the Asian revenue decreased by 3 per cent, a slight increase on the first quarter of last year. | The company’s sales in Ireland fell by 4.4 per cent compared to 5.6 per cent one year ago, while the Asian revenue decreased by 3 per cent, a slight increase on the first quarter of last year. |
Tesco announced that figures from Kantar Worldpanel, a market research organisation, showed that 180,000 more customers had visited the supermarket chain in the 12 weeks to 24 May. | Tesco announced that figures from Kantar Worldpanel, a market research organisation, showed that 180,000 more customers had visited the supermarket chain in the 12 weeks to 24 May. |
Mr Lewis said: “These first quarter results represent another step in the right direction. | Mr Lewis said: “These first quarter results represent another step in the right direction. |
“We set to serve our customers a little better every day and the improvements we are making are starting to have an effect. | “We set to serve our customers a little better every day and the improvements we are making are starting to have an effect. |
“This improvements have come during the restructuring of our office and store management teams, which testifies to the focus, skill and commitment of colleagues across the business.” | “This improvements have come during the restructuring of our office and store management teams, which testifies to the focus, skill and commitment of colleagues across the business.” |
The results come ahead of a Tesco annual shareholder meeting amid concern among investors over its chairman and pay-offs to its former chief executive. | The results come ahead of a Tesco annual shareholder meeting amid concern among investors over its chairman and pay-offs to its former chief executive. |
Philip Clarke, former chief executive of Tesco, was given a £1.2million pay-off in February on top of his £764,000 salary until mid-January. | Philip Clarke, former chief executive of Tesco, was given a £1.2million pay-off in February on top of his £764,000 salary until mid-January. |
Annual figures released in April showed that Tesco had suffered one of the biggest losses in corporate history at £6.4bn and would find it challenging to return to profit this year. | |
Additional Reporting: PA | Additional Reporting: PA |
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