UK retailers Tesco, Sainsbury strike up-beat expansion notes
22 Nov 2010
UK retailer Tesco today reported robust sales figures for its South Korea, China and India operations as the chain continues expansion drive in overseas markets.
The Cheshunt-based group now generates 31 per cent of sales and 22 per cent of profits from international operations, as against 10 per cent and 5 per cent respectively 10 years ago.
In South Korea, which counts as Tesco's biggest market outside the UK, like-for-like store sales growth in the nine weeks to 31 October surged to 6.7 per cent as against with 6 per cent in the previous quarter and 0.6 per cent in the period prior to that.
Meanwhile, in China, sales from stores open more than a year were up 8.3 per cent in the nine weeks after a 9.3 per cent rise in the previous quarter.
The retailer disclosed its latest trading figures on the first day of a three day visit to Asia it is hosting for retail analysts.
In a presentation delivered by Asia and Europe director Philip Clarke, who is to replace Sir Terry Leahy as chief executive in March, Tesco described its international arm as an "increasingly important engine for growth".
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