Tesco’s latest results reveal group sales have hit £28.3bn and are up 12.8%. The UK and Republic of Ireland are driving the positive figures, with sales up 3.8%.
However, Central Europe LFL sales declined by 1.5% and the retailer states this is due to the impact of Sunday trading regulations
Group operating profit before exceptional items and amortisation of acquired intangibles is up 24.4% to £933m.
UK & ROI profit is recorded as £685m, up 47.6%; including first-time consolidation of £97m Booker profit and £16m synergies.
The supermarket has made significant investment in ‘Exclusively at Tesco’ brands; with eight new brands within the range launched and the roll-out 81% complete.
Other innovations over the period include 5,038 of 10,000 own brand products re-launched and the launch of the new Jack’s discount brand.
Dave Lewis, Tesco’s chief executive, said: “We have made a good start to the year. The step up in Q2 is driven mainly by the UK & ROI and delivers our eleventh consecutive quarter of growth.
“At the same time, we have made further strategic progress. We completed our merger with Booker in March and are delighted with performance so far. We announced a strategic alliance with Carrefour in July which goes live this month. And we are now more than half-way through the biggest own brand re-launch in our nearly 100-year history, including a significant investment in over 300 new ‘Exclusively at Tesco’ products at market-leading prices.
“We are firmly on track to deliver our medium-term ambitions and are continuing to improve the quality and value of our offer for customers in all of our markets. In doing so, we are well-positioned to deliver strong, sustainable returns for shareholders.”