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Tesco, Great Britain’s largest supermarket chain, had another advantageous quarter as underlying turnover in its British stores continued to grow.
Two in a row
Turnover for British stores that have been around for more than a year, grew 0.3 % in the company’s first quarter (until 28 May), according to the British distributor’s trading update. Analysts had expected a 0.2 % turnover increase. For the first time in 5 years’ time, Tesco managed to raise its like-for-like turnover for two straight quarters in its home market, CEO Dave Lewis emphasized. In last year’s final quarter, there was a 0.9 % growth.
Internationally, Tesco’s turnover grew 3 %, based on an equal number of stores: Europe grew 2.8 %, Asia 3.3 %.
The British market leader also informed it will sell artisan coffee shop chain Harris + Hoole to Caffe Nero, but it did not disclose the fee for the transaction.
