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UK slowdown for Tesco

Published:  23 July, 2008

Tesco's growth in the six months to August 25 slowed to 3.5% in the UK, but the retailer saw total sales in its international business rise by 23.1%.

The UK figures, which exclude fuel sales, still exceeded analysts' expectations, who were predicting a 3% rise. UK like-for-like sales grew by 2.4% in the second quarter, down from 4.7% in the first quarter.

Chief executive Terry Leahy said: "Tesco has delivered strong first-half progress across the group, despite the challenges posed by the start-up investment required to establish our new US and Direct businesses, and by the effects of poor summer weather in the UK.

"We ended the first half strongly, with good sales momentum, and with the launch of our Fresh & Easy stores on the west coast of the US, now just a few weeks away, I am confident we will make further progress in the second half."