UK: Tesco shares slide as Q3 LFL sales fall
Tesco like-for-like revenues were down 2.5% in Q3
UK retail giant Tesco saw its share price fall this-morning (4 December) after booking like-for-like sales declines in all its regions.
In the three months ended 23 November, like-for-like revenues were down 2.5%, hurt by a weaker market for groceries.
UK like-for-like sales were down 1.5%. Tesco said consumers were still managing the effects of an "unprecedented" period of declining incomes and a higher cost of living, adding that the average spending power of a typical UK household is around 10% below its 2007 peak, in real terms.
The results come 18 months after CEO Philip Clarke launched a GBP1bn turnaround plan for the company.
Overseas, like-for-like sales in Asia declined by 5.1%, while in Europe like-for-like sales fell 4%. Ireland recorded the largest decline at 8.1%.
Group sales, however, edged up 0.6% in the period.
Despite the "challenging" conditions in many of its markets, Tesco said it is performing in line with market expectations for the full year.
Tesco's share price was down 0.6% at 339.5 pence at 09:58 GMT today.
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