BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
    You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
 Tuesday, 14 January, 2003, 17:55 GMT
Electrical goods lift Tesco
Tesco store
Tesco said it was monitoring the Safeway situation closely
Strong sales of electrical goods such as DVD players and wide-screen televisions provided Tesco with a lift over the Christmas and New Year period.

The UK's largest supermarket chain said like-for-like sales - which ignore the effects of new stores - grew by 4.8% in the seven weeks to 4 January.

The performance was backed by a strong trade at international stores, which saw sales growth of 25%.

Tesco said its UK stores also performed better than those of rivals Sainsbury, which saw growth of 1%, Safeway, which reported a 4.2% rise, and Morrisons, which announced an increase of 3.4% in sales.

Group-wide, Tesco's sales growth came in at 11.1%.

Bidding war

Tesco remains the only major UK supermarket group not to have expressed an interest in buying Safeway.

On Tuesday, Wal-Mart - the US retail giant and owner of Asda - became the latest company to say it was considering making a bid.

On Monday, the UK's second largest supermarket chain Sainsbury said it was poised to make an offer.

The scramble for Safeway was sparked last week when the Yorkshire-based supermarket chain Morrisons said it had agreed a takeover deal.

Tesco declined to say if they would join in the bidding frenzy.

"Obviously these are significant developments and we are monitoring them very closely," a Tesco spokeswoman said.

"We never comment on mergers and speculation in relation to ourselves," she added.

In the City, Tesco shares closed up 2.75p at 185.75p on Tuesday.

See also:

14 Jan 03 | Business
14 Jan 03 | Business
17 Dec 02 | Business
17 Sep 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


 E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes