Tesco announces increased sales

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The Independent Online

Tesco today announced increased sales for the last quarter, reinforcing its place as Britain's leading supermarket.

Tesco today announced increased sales for the last quarter, reinforcing its place as Britain's leading supermarket.

Amid the vicious price-cutting across the supermarket sector, Tesco said sales in the UK for the 14 weeks to November 20 had increased 7.3%.

Like-for-like sales, taking into account new store openings, were up by 4%, while total sales, including those overseas, leapt 10%.

The group said customers had welcomed its price cuts, and underlying sales volumes had accelerated from its first half-year trading.

The figures came a week after Sainsbury's reported a 29% fall in half-year profits.

Tesco said it continued to outperform the industry and win an increasing slice of the market from its competitors.

The group also gave an update of its Internet shopping business, which has recently added books, gifts, products for the home and personal finance items, to its catalogue, alongside groceries.

"By the year-end Tesco will be the largest Internet grocery business in the world," the supermarket said.

The grocery home shopping service, which was already profitable, was available in 100 stores, the company said.

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