Tesco PLC (TSCO.LN) Friday reported positive like-for-like sales growth for a sixth consecutive quarter and said it is working with suppliers to offset impact of inflation.
The supermarket chain, which earlier this year agreed to buy food wholesaler Booker Group PLC (BOK.LN) in a 3.7 billion pounds ($4.72 billion) cash and stock deal, said group like-for-like sales for the 13 weeks to May 27 grew by 1.0%, compared with 0.9% growth achieved in the year ago period. Total group sales, excluding fuel and value added tax, grew 3.6% versus 1.8% growth a year ago.
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Same store sales for the retailer's core U.K. unit grew by 2.3%, versus 0.3% growth achieved a year ago. The rise in U.K. sales was mainly driven by 2.7% like-for-like sales growth in the company's food division.
"This is a good start to the year, with our sixth consecutive quarter of positive like-for-like sales growth across the group. We are confident in our plans to create long-term, sustainable value for our key stakeholders and to deliver on the ambitions we have set out," said Chief Executive Dave Lewis.
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(END) Dow Jones Newswires
June 16, 2017 02:40 ET (06:40 GMT)