Tesco Sales Jump, Upbeat on U.S. Launch
London Tesco announced Tuesday that third-quarter sales surged and said its recent foray into the United States had been well received. Tesco launched U.S. stores last month under the "Fresh & Easy" banner.
Tesco said in a trading update that group sales leapt by 11.8% in the thirteen weeks to Nov. 24 compared with the same period of the previous year.
In Britain, third-quarter sales for the company (excluding petrol) grew by 4.1% on a like-for-like basis, which strips out the effect of new floor space. International sales soared by more than a quarter, boosted by a solid performance in Asia.
So far, Tesco has opened 15 Fresh & Easy stores. The group aims to have 50 outlets by the end of the current financial year in February 2008, with the total rising to 200 by February 2009.