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Tesco UK sales fall short
Tesco, the world’s No.3 retailer, missed forecasts with a second consecutive quarterly fall in underlying sales in its main UK market as cash-strapped shoppers cut back on discretionary spending.
The supermarket group said sales at stores in the UK open at least a year fell 0.1 per cent, excluding petrol and changes in VAT sales tax, in the 13 weeks to May 28, the first quarter of its financial year.
That was better than a 0.7 per cent decline the quarter before, but below a forecast for a 0.6 per cent rise in a Reuters poll.
Group sales rose 6.7 per cent excluding petrol, helped by a stronger performance in most of its overseas markets compared with the previous quarter.