Food retailer Tesco has reported strong first-quarter group sales growth of 15.1 per cent as it lured customers from weaker rivals in the face of slower consumer demand at home.
Like-for-like sales were up 5.8 per cent, stripping out new selling space and excluding the impact of price cuts, which took 0.3 per cent off the figure. Analysts had forecast growth of 4 to 5.5 per cent for the 12-week period to May 17th.
The group figure was boosted by international sales, which increased 28.4 per cent with total British sales up 12.3 per cent.
Tesco, perceived as being a leader in price cuts in Britain, has a 26.7 per cent share of grocery spending, according to the latest market-share data from industry research body Taylor Nelson Sofres.
It is pursuing fast growth at home as well as expanding overseas in places such as southeast Asia and central Europe, and increasing sales of more profitable non-food products such as clothes and electrical items.
That strategy is helping to cushion the impact of slower demand in its core British food market.