Tesco Turnaround Continues with ‘Stellar’ Sales Growth

Inital share rally after the supermarket giant posts better than expected quarterly results

Emma Simon 16 June, 2017 | 11:32AM

Tesco (TSCO) shares rose strongly in early trading on Friday, after the supermarket group announced that sales continued to grow ahead of expectations.

In the first three months of this year like-for-like sales rose by 2.3% - ahead of analysts’ prediction of 2.2%. Sales of fresh food helped drive this business growth, with like-for-like sales rising by an impressive 2.7%.

This is now the sixth consecutive quarter that Tesco has reported positive growth figures, raising investors’ and analysts’ hopes of a more sustained recovery for the beleaguered supermarket group – despite difficult trading conditions.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Tesco PLC214.80 GBX1.51

About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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