Tesco reports growth in half-year sales
Britain’s largest supermarket group Tesco is on track to hit its full-year profit target after revealing an increase in UK sales.
Tesco’s like-for-like sales grew 1% in the half-year to 27 August 2016 and the company reported revenue of £27.34bn for the period, up from £26.97bn a year earlier.
Chief executive David Lewis said "We have made further strong progress in the first half, with positive like-for-like sales growth across all parts of the Group as we re-invest in our customer offer whilst rebuilding profitability in a sustainable way."
Tesco has concentrated on improving its core UK supermarket offering with prices 6% lower than they were two years ago in order to compete with major discounters, Aldi and Lidl.
Lewis said the company has become "more competitive across our offer", focusing on the customer experience and price offering to increase brand loyalty and stabilising Tesco’s positioning for the future.