Group sales increased by 8.8%, excluding petrol, driven by all parts of our strategy. Growth was 7.7% including petrol.
International sales increased by 12% at actual exchange rates, excluding petrol (5.4% at constant rates). Growth in Asia was strong – at 18.9% (10.5% at constant exchange rates) – with continued momentum from the acquired stores in Korea and new store openings across the region.
In Europe, sales grew by 5.7% (0.6% at constant exchange rates). International like-for-like sales were encouraging, improving to (3.7)% in the quarter from (6.7)% in quarter two (excluding petrol).
The company saw a material improvement in Asia and Europe. In the US, sales were up 37.4%, with stronger like-for-like sales following the range enhancement and subsequent marketing launch of Fresh & Easy in September.
“We’ve continued to make good progress this quarter with contributions to growth from across the business,” said chief executive, Terry Leahy. “We’re seeing improving customer confidence and encouraging trends in the UK and our international businesses, although recessionary conditions still exist in a number of markets.
“As ever, with Christmas approaching, we’re doing even more for customers with low prices, great promotions, including on our Finest range, and of course double Clubcard points. Our investment in growth – in new space and from the two acquisitions last year – is providing us with good momentum and a strong platform for the future.”
Source: Tesco
© FoodBev Media Ltd 2024