Tesco to Sell Coffee Chain Harris + Hoole
23 Juni 2016 - 9:14PM
Dow Jones News
By Tapan Panchal
LONDON -- Tesco PLC on Thursday reported a rise in group
same-store sales for the first three months of fiscal 2017 and said
that it will sell coffee chain Harris + Hoole to Caffe Nero Group
Ltd., as part of its plan to put greater focus on its core U.K.
grocery business.
The U.K.'s No. 1 grocer by market share said group like-for-like
sales for the 13 weeks ended May 28 rose 0.9%, compared with a 1.3%
sales drop reported for the same period a year earlier. Same-store
sales for the company's core U.K. division increased 0.3%, compared
with a 1.3% year-earlier drop.
"We have delivered a second quarter of positive like-for-like
sales growth across all parts of the group in what remains a
challenging market with sustained deflation," Chief Executive Dave
Lewis said.
"By growing volumes, transforming the way we work together with
our suppliers, and further optimizing our store operating model we
are rebuilding profitability in a sustainable way," Mr. Lewis
added.
Tesco didn't disclose any financial information in relation to
the sale of Harris + Hoole. Earlier this month, it sold its Dobbies
Garden Centers business, Turkish supermarket chain Kipa and the
Giraffe U.K. restaurant chain to focus on its core business.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
(END) Dow Jones Newswires
June 23, 2016 14:59 ET (18:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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