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Tesco: What The Analysts Say |
Tesco: What the analysts say
* guardian.co.uk, Tuesday December 2 2008 09.02 GMT
* Article history
City experts believe Tesco is riding the downturn well, despite the supermarket chain reporting its lowest sales growth since the mid-1990s this morning.
Keith Bowman of Hargreaves Lansdown stockbrokers
"As expected, even the retail juggernaut Tesco is struggling as consumers rein in spending. While overall progress has been made (group sales up by 11.7%), core UK like-for-like sales (excluding petrol) have halved since the half-year results, with the discount operators such as Aldi and Morrisons likely to have benefited.
"However, despite both political (Thailand) and financial (Hungary) turmoil in a number of the group's overseas markets, sales have continued to grow (14.6% against 12.6% at the interim stage on a constant currency basis) aided by acquisitions. The decline in sterling is also enhancing the return from the international business."More from the source: guardian.co.uk
02.12.2008
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