UK like-for-likes, excluding petrol, rose 4 per cent in the second quarter. Non-food total sales rose 4 per cent in the six month period, while Tesco.com increased sales by 20.5 per cent. The figures matched analysts expectations.
Group sales jumped 14.1 per cent to£28.1 billion, with core UK sales up 9.7 per cent and international sales increasing 26.8 per cent.
The retailer revealed US trading losses of£60 million in the period, compared with losses of£17 million last year. Tesco said these “planned losses” were due to operating Fresh & Easy stores with high overheads and other costs in relation to the scale of the business, whilst also trading from immature stores.
The company plans to continue its property divestment strategy, which has raised£605 million this year, and said it is on tracks to create up to 30,000 new jobs this year.
Chief executive Terry Leahy said: "Tesco is at its' best in tough markets - responding to the changing needs of customers - and that's why we have been able to make good progress this year, despite facing into powerful economic headwinds and carrying planned start-up losses in the US. Our business is strong, broadly-based, increasingly international and, I believe, well-placed not just to cope with the challenges which lie ahead but also to grasp the growth opportunities open to us by continuing to invest in our strategy."
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