Tesco set to outpace global rivals

Tesco, the world's third-biggest retailer, is set to outpace sales growth at major global rivals, driven by its expansion in Asia, according to international food and grocery analyst IGD.

The supermarket group will see sales grow at a compound annual rate of 7.5 per cent from 2010-15, or 44 per cent in total, to reach 106 billion euros (£89bn), IGD forecast on Thursday.

That will see it outpace compound annual turnover growth of 4.7 per cent at US group Wal-Mart, the world's biggest retailer, and 5.9 per cent at French company Carrefour, the second biggest.

However, those companies will remain larger businesses with sales of 402bn euros and 122bn respectively by 2015, IGD predicted.

German group Metro, the world's fourth-largest retailer, will see compound annual growth of 5.3 per cent, taking its turnover to 87bn euros by 2015, IGD said.

"Global retailers that want to achieve the highest growth rates are those that are building a presence in emerging markets," said IGD's chief executive, Joanne Denney-Finch, noting that by 2015 some 43 per cent of turnover at the world's top four retailers will come from their international operations.

Tesco unveiled plans in November to quadruple revenue in China to about £4bn by 2014-15 by more than doubling its number of hypermarkets there to in excess of 200