Tesco sales rise in emerging markets

The world's third-largest retailer, Tesco, says it has seen a pick-up in sales growth in South Korea, its biggest market outside Britain, as well as rising sales in China, Thailand, Malaysia and India.

The firm told analysts that returns in Asia and mainland Europe would reverse their recent decline as economic recovery takes hold and its assets mature, and that it expects to open its first cash and carry in India in May next year.

Like-for-like sales in China and Thailand were up by 8.3 per cent and 3.4 per cent in the same period, down from 9.3 per cent and 4.8 per cent growth respectively in the second quarter, while underlying sales in Malaysia were up by 0.5 per cent following a second-quarter decline of 2 per cent.

Tesco owns more than 5,000 stores across 14 countries.