Tesco, the FTSE 100 retailing giant, has seen like-for-like sales drop in its UK stores by 0.9% in the third quarter compared to the equivalent period of 2010. The figure excludes income from VAT and Petrol but is in line with the performance during the second quarter.
This figure comes despite the group's Big Price Drop campaign which has seen significant discounting.
Elsewhere, Tesco's closely watched US venture, Fresh and Easy has seens like-for-like growth of 11.9%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Asian business was affected by an unseasonably hot Autumn in China and Korea and flooding in Thailand. The effect, says Tesco, was like-for-like sales slowing sharply to 0.8% for the quarter.
In Europe the company says Central Europe did well, particularly Poland and Slovakia. Overall like-for-like in the Europe division grew slightly to 0.9% between July and September.
In its other businesses, Tesco Bank is described as "making steady progress"with total revenues up 4.4%.
Tesco says it is "performing broadly in line with market expectations".
Shares in the firm were down 0.25% at 396p just after the open.
BS
-
Nobel laureate Daron Acemoglu talks to MoneyWeek about AIInterview Daron Acemoglu, Nobel Prize winner and professor at MIT tells Matthew Partridge why the gains from AI have been overhyped
-
The investment trusts that could have made you an ISA millionaireThere are 50 investment trusts that could have helped investors build a million-pound portfolio over 25 years – are you invested in one?
