Tesco sales of 6.8 per cent beat forecasts

British retailer Tesco said today UK same-store sales excluding fuel grew 6.8 per cent in the first quarter.

British retailer Tesco said today UK same-store sales excluding fuel grew 6.8 per cent in the first quarter.

Total group sales in the 12 weeks to May 21st rose 14.6 per cent, the company said in what it described as a tough and slowing market.

Including fuel, UK same-store sales were up 8.8 per cent, driven by strong volumes and higher petrol prices. Excluding fuel, UK like-for-likes sales growth slowed to 6.8 per cent from the adjusted figure of 6.9 per cent for the fourth quarter of last year.

The numbers were slightly ahead of analysts' forecasts, which had pegged the UK same-store figure at around 6 per cent excluding petrol, and total group sales growth at between 10 and 12 per cent.

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The group - which have a number of shops in the Republic - said international sales - including fuel - grew by 27.8 per cent.