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DOES TESCO'S FIRST QUARTER GROWTH MEET YOUR EXPECTATIONS?

<strong>RICHARD HUNTER </strong>HARGREAVES LANSDOWN<br />&ldquo;The headlines have tended to centre on Tesco's loss of market share, as opposed to the progress it is making. Its international businesses in particular continue to bolster overall performance, contributing a 20 per cent rise in sales over the period. But the growing intensity of competition is not likely to abate.&rdquo;<br /><br /><strong>TONY SHIRET </strong>CREDIT SUISSE<br />&ldquo;Although Tesco still lags its main peers in terms of headline like-for-like first quarter sales, there is further evidence that the absolute performance remains very robust. We think its various UK initiatives of recent months; Discount Brands, and the Clubcard re-launch, are beginning to take effect.&rdquo;<br /><br /><strong>SAM HART </strong> CHARLES STANLEY<br />&ldquo;Tesco&rsquo;s first quarter results are bang in line with expectations. There were encouraging signs from the management that there was a pick-up in non-food sectors and that the tough consumer environment has bottomed out in Asia, Europe and the UK. But it may be a while before wee see a US recovery.&rdquo;<br />