Tesco reports 8.0-percent rise in sales
Britain's biggest retailer, the supermarket chain Tesco, said on Tuesday that group sales rose by 8.2 percent during its first quarter, adding that it was well-placed to to deliver further growth.
"Tesco has made a solid start to the new financial year," said chief executive Terry Leahy, who last week announced he was to retire in 2011.
"We're making good progress with our strategy: investing in the shopping trip for customers; driving strong productivity gains; growing space and winning market share.
"The long-term global recovery is well underway although the pace and strength of economic recovery varies across our markets. We're in good shape and well-positioned to deliver further growth as the economic environment continues to improve," Leahy added in a group statement.
Tesco said that group sales for the 13 weeks to May 30 increased by 8.2 percent compared with the group's first quarter in 2009.
Revenue excluding petrol sales increased by 6.9 percent, Tesco added.
Leahy, who has transformed the supermarket group into Britain's biggest retailer and a global force since becoming chief executive in 1997, is to stand down in March.
He will be replaced by Philip Clarke -- Tesco's head of Asian, European and IT operations.
© 2010 AFP