Tesco reported like-for-like sales in the 14 weeks to November 20, up by 9.8% compared with the same period last year, in its third quarter trading statement. Global sales rose by 12.2%.
Tesco also announced plans to open 1.4m sq ft of selling space overseas in the fourth quarter, representing 50% of total space scheduled to open outside the UK during this financial year.
Goldman Sachs analyst Nick Jones dismissed speculation that the retailer was considering merging with French chain Carrefour to compete with Wal-Mart’s global supply chain. “Tesco has growth opportunities elsewhere. Why would it get involved with a company that is so different in terms of culture?”