Troubled supermarket Tesco has posted a second successive quarter of UK underlying sales growth for the first time in over five years, suggesting that new CEO Dave Lewis’ turnaround plan maybe having an effect.
Sales at stores in its home market open more than a year rose 0.3 percent in the 13 weeks to May 28, with like-for-like sales for the entire group growing by 0.9 percent.
In a statement, Lewis said: “We are encouraged by the progress we are making. I am confident that the improvements we are making for customers are working and will create long-term value for our shareholders.”
Under Lewis’ plan, Tesco have been selling off assets to focus on growing its main supermarket business. In the past few weeks Tesco has sold Dobbies Garden Centres and restaurant chain Giraffe, and announced today that its Harris & Hoole coffee shop chain will be sold to Caffe Nero.
Tesco shares are currently up 1.90 percent at 169.50.