By Adria Calatayud

 

Tesco PLC said Friday that first-quarter retail sales grew 1% on year on a comparable basis and said that its profit outlook for the full year remains unchanged.

The U.K.'s biggest grocer by market share said retail sales for the quarter to May 29 were 13.36 billion pounds ($18.61 billion), up 1.3% on the previous year at actual currency rates.

In the U.K. and Ireland, Tesco's like-for-like sales increased 1.3% on the previous year and 8.7% on a two-year basis, it said.

The company said online demand remains high in the U.K. at 1.3 million orders per week, with first-quarter sales up 22% compared with last year and up 82% on a two-year basis.

Tesco said sales from its bank operations declined 10% for the first quarter as a whole but began to grow later in the quarter as it recovered from the effects of the coronavirus pandemic.

The company said its profit guidance from April remains unchanged. Tesco said then that it expected a strong recovery in profitability and retail free cash flow, as the majority of extra costs booked in fiscal 2021 as a result of the pandemic wouldn't be repeated.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

June 18, 2021 02:32 ET (06:32 GMT)

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