Nonfoods Sales Help Boost Tesco's Quarterly Results
LONDON - The UK's Tesco said its sales rose by 11 percent in the three months to mid-May, with strong growth in the UK and abroad, the BBC reports.
The growth was driven by a mix of strong performance in the UK core operations and increasing sales of non-food items as well as a good performance for the international business, according to the company.
Tesco saw its profits shoot up by 14 percent to over 1 billion pounds in its last financial year.
In Britain, Tesco's total sales were up 7.4 percent in the quarter, while same-store sales were up 4.5 percent vs. a year ago.
Tesco spent 280 million pounds on price campaigns during its last financial year and has also increased sales of non-food goods, particularly in the health and beauty and home entertainment sectors.
The grocer said it plans to open more than 3.5 million square feet of store space this year.
International expansion plans mean the firm should have as much space overseas as in the UK by the end of 2003.
The growth was driven by a mix of strong performance in the UK core operations and increasing sales of non-food items as well as a good performance for the international business, according to the company.
Tesco saw its profits shoot up by 14 percent to over 1 billion pounds in its last financial year.
In Britain, Tesco's total sales were up 7.4 percent in the quarter, while same-store sales were up 4.5 percent vs. a year ago.
Tesco spent 280 million pounds on price campaigns during its last financial year and has also increased sales of non-food goods, particularly in the health and beauty and home entertainment sectors.
The grocer said it plans to open more than 3.5 million square feet of store space this year.
International expansion plans mean the firm should have as much space overseas as in the UK by the end of 2003.