TESCO expects a difficult 2009

In the seven weeks to 10 January 2009, Tesco reported a reasonable performance, with total group sales increasing by 11.6%.

 Growth has largely been driven by
strong performances in the group’s international operations, with
total international sales increasing by 32.7%, consisting of a 43%
and 24% increase in sales in Asia and Europe respectively.
Particularly strong performances were reported in Korea, China and
Malaysia. In it home market Tesco reported a subdued performance with
like-for-like sales excluding petrol up a modest 2.5%. Tesco’s
online business in the UK performed well over the period, with sales
in Tesco Direct and Tesco.com up 18% to GBP273 million.

In an interview with Reuters, Finance
Director Andrew Higginson said: “Against the overall background of,
I suspect, rising unemployment and economic slowdown it will be a
tough year.