Sales at Tesco rose 13.9 per cent in the third quarter as sales of non-food items saw double-digit growth, the company reported today.
UK sales in the 14 weeks to November 19th increased 11.6 per cent, with like-for-like UK sales over the same period rising 7.9 per cent.
Like-for-like sales in the UK excluding vehicle fuel sales rose 5.5 per cent, said Tesco, adding that international sales jumped 23.3 per cent at actual exchange rates during the third quarter.
Nine analysts polled by Reuters had on average forecast a 5.8 per cent rise in like-for-like UK third-quarter sales excluding fuel sales, with individual forecasts ranging between 4.9 and 7 per cent and comparing with 7.5 per cent a year ago.
The company, whose tills take one pound in every five spent on food in the United Kingdom, has a 3-4 per cent UK like-for-like sales target.
Tesco saw its market share slip 0.1 per cent to 30.2 per cent in the 12 weeks to November 6th despite increasing its turnover by 10 per cent in the past year, data from research firm TNS showed earlier this month. However, its share of the market was still up from 28.3 per cent a year ago.
Tesco shares closed yesterday at 312-3/4p, valuing the company at just over £23.3 billion.