by Benson Agoha
Tesco has begun to see positive result of the changes being put in place in response to declining sales, according to it's First Quarter statement.
The High Street retail giant today released its First Quarter Interim Management Statement for the 2014/2015 period, showed sales grew by 3.8% against 3.0% for the same period a year ago.
Group sales grew at a constant rate of 0.9% against the same period last year.
Country specific results showed Tesco recorded their biggest improvement in Turkey where sales grew at 3.4% against the previous year's figure of 1.7%. But its Europe declined further to 1.0% against the previous period of 0.6%
Performance in Asia showed improvement with sale picking up to reduce the gap over last year's performance. Overall Asian sales was still slow but at a reduced rate of (3.2%) against last year's rate of (5.6%).
The slowdown in Europe sales, with the worst decline of the quarter recorded in Slovakia, where sales slumped further to 5.8% against the previous year's figure of 3.0%, showed other countries marginally improved over the same period last year.
The grocer's best results for the quarter was in Turkey where sales doubled over the previous year, growing by 3.4% against 1.7% last year. It followed by the Czech Republic, where sales grew 1.6% against 0.6% for last year.
In Asia, Tesco's worst result for the quarter was recorded in Malaysia where sales slump by (2.3%) against a growth of 1.2% last year.
Chief Executive, Philip Clarke said the acceleration of plans is impacting Tesco's near-term sales performance, although the first quarter saw a continuation of the challenging consumer trends in the UK, reflected in the "still subdued levels of spending in addition to the more structural changes taking place across the retail industry."
But he said “Our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years."
Tesco statement said they are pleased by customers' early response to their accelerated efforts to deliver the most compelling offer for customers and that they expect the acceleration to continue to impact "our headline performance throughout the coming quarters and for trading conditions to remain challenging for the UK grocery market as a whole."
To read the full Interim Management Statement, visit www.tesco.com.
* Twitter: @woolwichonline.
* Facebook: Woolwich Online.
* Google+: Woolwich Online.
Tesco has begun to see positive result of the changes being put in place in response to declining sales, according to it's First Quarter statement.
The High Street retail giant today released its First Quarter Interim Management Statement for the 2014/2015 period, showed sales grew by 3.8% against 3.0% for the same period a year ago.
Group sales grew at a constant rate of 0.9% against the same period last year.
Country specific results showed Tesco recorded their biggest improvement in Turkey where sales grew at 3.4% against the previous year's figure of 1.7%. But its Europe declined further to 1.0% against the previous period of 0.6%
Performance in Asia showed improvement with sale picking up to reduce the gap over last year's performance. Overall Asian sales was still slow but at a reduced rate of (3.2%) against last year's rate of (5.6%).
The slowdown in Europe sales, with the worst decline of the quarter recorded in Slovakia, where sales slumped further to 5.8% against the previous year's figure of 3.0%, showed other countries marginally improved over the same period last year.
The grocer's best results for the quarter was in Turkey where sales doubled over the previous year, growing by 3.4% against 1.7% last year. It followed by the Czech Republic, where sales grew 1.6% against 0.6% for last year.
In Asia, Tesco's worst result for the quarter was recorded in Malaysia where sales slump by (2.3%) against a growth of 1.2% last year.
Chief Executive, Philip Clarke said the acceleration of plans is impacting Tesco's near-term sales performance, although the first quarter saw a continuation of the challenging consumer trends in the UK, reflected in the "still subdued levels of spending in addition to the more structural changes taking place across the retail industry."
But he said “Our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years."
Tesco statement said they are pleased by customers' early response to their accelerated efforts to deliver the most compelling offer for customers and that they expect the acceleration to continue to impact "our headline performance throughout the coming quarters and for trading conditions to remain challenging for the UK grocery market as a whole."
To read the full Interim Management Statement, visit www.tesco.com.
* Twitter: @woolwichonline.
* Facebook: Woolwich Online.
* Google+: Woolwich Online.
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