Tesco online sales grow 14% as same store sales fall back
Sales excluding fuel but including Value Added Tax (VAT) in the six weeks to January 7th were down 1.3% on a like-for-like (LFL) basis versus the previous year.
UK total sales including VAT and petrol grew by 3.8% year-on-year and by 1.7% excluding petrol. The UK government increased VAT at the beginning of 2011, thus artificially boosting retailers sales figures in comparison with the year before.
Across all of Tesco’s divisions, both international and domestic, sales in the six weeks to January 7th increased by 5.2% including petrol (4.2% at actual exchange rates) and by 4.0% excluding petrol (2.9% at actual exchange rates).
However, excluding petrol sales, the group's crucial like-for-like sales figure, which restricts data to stores open for more than 12 months, was down 0.3%
Tesco said "In a challenging consumer environment at home, and with early signs of more cautious behaviour emerging elsewhere, we have seen more strain than anticipated on our profitability during the important seasonal trading period. As a result, while underlying profit before tax and earnings per share for 2011/12 will be broadly in line with market consensus forecasts, we expect Group trading profit growth to be around the low end of the current consensus range."
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