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13/01/2004
Strong trading feeds further Tesco expansion plans
Tesco has fired yet another broadside in the supermarket wars saga as the company today unveiled plans for a £810 million expansion.
Supermarket leader Tesco, which already holds a 27% share of the UK market, reported that group sales for the seven weeks ending January 3 2004 had increased by 16.7%.
Tesco bosses, declaring that the company's "long term strategy for growth" had delivered in all areas, promptly threatened to further increase the lead with the issue of 315 million shares to fund an expansion programme.
Announcing the share issue, Chief Executive Terry Leahy today told Reuters news agency that "business was going like a train".
The retailer aims to grow non-food market share, developing retailing services further and will finance an increased international expansion offering no respite to its rivals.
Total UK sales for the seven weeks ending 3rd January were up 15.4% and like-for-like sales increased by 7.5% driven by strong volumes. Tesco also reported a small level of deflation of 0.2%.
The non-food operation including the home entertainment business grew by 29.4%. DVD sales were up 46% and CD sales grew 10 times faster than the market rate.
Tesco's international sales were up 22% over the Christmas and New Year period, in line with the company's plans to buck what were described as "tough trading conditions".
Tesco's overseas interests comprise 189 hypermarkets.
(SP)
Supermarket leader Tesco, which already holds a 27% share of the UK market, reported that group sales for the seven weeks ending January 3 2004 had increased by 16.7%.
Tesco bosses, declaring that the company's "long term strategy for growth" had delivered in all areas, promptly threatened to further increase the lead with the issue of 315 million shares to fund an expansion programme.
Announcing the share issue, Chief Executive Terry Leahy today told Reuters news agency that "business was going like a train".
The retailer aims to grow non-food market share, developing retailing services further and will finance an increased international expansion offering no respite to its rivals.
Total UK sales for the seven weeks ending 3rd January were up 15.4% and like-for-like sales increased by 7.5% driven by strong volumes. Tesco also reported a small level of deflation of 0.2%.
The non-food operation including the home entertainment business grew by 29.4%. DVD sales were up 46% and CD sales grew 10 times faster than the market rate.
Tesco's international sales were up 22% over the Christmas and New Year period, in line with the company's plans to buck what were described as "tough trading conditions".
Tesco's overseas interests comprise 189 hypermarkets.
(SP)
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Northern Ireland WeatherThis Evening and Tonight:A fine end to the day with some evening sunshine. It remains mainly dry overnight with a touch of frost or fog patches possible in places. However, cloud is expected to increase towards dawn with the odd light shower. Minimum temperature 2 °C.
