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13 Jun 4:23am

Tesco reports sharp slowdown in underlying sales growth

The Guardian
Supermarket blames political uncertainty and volatile weather for drop in consumer spending Tesco has reported a sharp slowdown in underlying sales growth, as political uncertainty and volatile weather held back consumer spending. Like-for-like sales at Britain’s biggest supermarket chain rose 0.4% year-on-year in its first quarter ended 25 May, down from 1.7% in the previous three months. Total sales fell 0.4%, hit by the firm’s decision to close its non-food arm Tesco Direct last July.
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