First-quarter results this week

Tesco is set to report this week on first-quarter trading.

Stockbrokers Panmure Gordon expects better news for the new Tesco chief executive, Philip Clarke, with Tesco reporting a return to like-for-like sales growth in the UK in the first quarter, but flat like-for-like sales in Europe, a 2.5 per cent rise in Asia and double-digit growth in the US. Sainsbury's is also due to report. The markets are awaiting the debut interim management statement from Glencore, the commodity trading behemoth, on Tuesday. Mulberry, the luxury retailer, will report a strong full-year profit this week. The British business, like other luxury goods groups, has benefited from an influx of overseas tourists to its London shops.

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