Tesco has posted strong first half results with a warning to rivals that its share of the total UK retail market was “just 12.3% - and there is a lot left to go for”.
For the six months to August 9 pre-tax profit jumped 17.4% to £628m on group sales which rose 17% to £14.9bn.
In the UK like-for-like growth was 6.3% with volumes up 6.2% on sales which were up 14.2% to £12bn - including a 4.8% contribution from its convenience store chain T&S.
Sales at Tesco.com grew 32% with first half profits of £11m - which is more than the whole of last year, the company said.
Tesco group chief executive, Sir Terry Leahy, said: “It has been an outstanding first half.”
The retailer said that its development programme in the UK was on track with 39 stores opening in the first half. It plans to open 1.4 million sq ft of new selling space this year. This includes 21 Extras and 35 Convenience Express stores.
The company said UK capital expenditure was £700m including £402m on new stores and £141m on extensions and refits.
And added it would deliver savings of over £180m to customers this year.
Tesco said its clothing sales have risen 37% in volume with a 4.4% market share. And that its Cherokee, Florence and Fred and Tesco ranges were “the fastest growing in the UK both in value and volume”.
Total international sales were up 30% to £3bn. Tesco said it was trading well against its competitors with a further 37 hypermarkets opening this year.
Sales in Continental Europe sales rose by 32.1% £1.7bn.
In Asia sales were up 27.4% £1.3bn.
For the six months to August 9 pre-tax profit jumped 17.4% to £628m on group sales which rose 17% to £14.9bn.
In the UK like-for-like growth was 6.3% with volumes up 6.2% on sales which were up 14.2% to £12bn - including a 4.8% contribution from its convenience store chain T&S.
Sales at Tesco.com grew 32% with first half profits of £11m - which is more than the whole of last year, the company said.
Tesco group chief executive, Sir Terry Leahy, said: “It has been an outstanding first half.”
The retailer said that its development programme in the UK was on track with 39 stores opening in the first half. It plans to open 1.4 million sq ft of new selling space this year. This includes 21 Extras and 35 Convenience Express stores.
The company said UK capital expenditure was £700m including £402m on new stores and £141m on extensions and refits.
And added it would deliver savings of over £180m to customers this year.
Tesco said its clothing sales have risen 37% in volume with a 4.4% market share. And that its Cherokee, Florence and Fred and Tesco ranges were “the fastest growing in the UK both in value and volume”.
Total international sales were up 30% to £3bn. Tesco said it was trading well against its competitors with a further 37 hypermarkets opening this year.
Sales in Continental Europe sales rose by 32.1% £1.7bn.
In Asia sales were up 27.4% £1.3bn.
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