Tesco Plc, the British retailer, saw its apparel sales surge following reopening of non-essential stores in the UK.
The like-for-like apparel sales in the UK rose by 52.1 per cent for the retailer in the quarter that ended 29 May 2021.
As far as overall like-for-like sales at Tesco are concerned, the growth was 1.3 per cent to post £12.42 billion, compared to what it was during the same period in 2020. However, when compared to 2019’s first quarter, the growth was 8.7 per cent.
Elated over the strong performance in the first quarter, Ken Murphy, Chief Executive Officer, Tesco, said that its profit guidance since April 2021 hasn’t changed.
Ken added “While the market outlook remains uncertain, I’m pleased with the strong start we have made to the year and continue to be excited about the many opportunities we have to create value over the longer term.
Tesco, which has 5 stores all across Europe and is the third largest retailer in the world by gross revenues, generated £64.760 billion in 2020. It was founded in the year 1919.