Senior management from the UK’s biggest grocer Tesco are in Asia this week to tell investors and analysts how the company is performing in that part of the world.
Hosted in South Korea and China between November 21st and 23rd, the event will give members of the board and local managers the opportunity to announce how the business is performing and what its plans are for the future.
A statement published today reveals that progress is being made in Tesco’s Asian markets, with like-for-like (LFL) sales in China during the nine weeks to October 31st up 8.3 per cent year-on-year.
Tesco’s South Korean operation has seen growth of 6.7 per cent over that time period, while its Thai and Malaysian businesses have reported 3.4 and 0.5 per cent LFL hikes respectively.
Japan, however, reported a 5.7 per cent reduction in LFLs for the nine weeks.
A presentation pack prepared by Philip Clarke, Tesco’s Asia, Europe & IT Director and the successor in waiting to CEO Sir Terry Leahy, explained why the grocer is in Asia this week.
It said: “A lot has changed in the two years since we were last here.
“Korea has become a second growth engine for Tesco now that the acquisition has been successfully integrated China is on the verge of becoming both profitable and a meaningful part of our long-term growth.”