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Tesco sales growth lower than analyst predictions

Tesco sales growth lower than analyst predictions
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UK sales at supermarket chain Tesco rose by 2.8 per cent in the 13 weeks to November 28th - slightly below analyst estimates.

The figure - which applies to stores that have been open for at least a year and excludes petrol sales - was 0.2 per cent lower than the average prediction made in a poll conducted by Reuters.

As a result, shares in Tesco were down by 6p in the morning session of stock market trading, dropping to 429.65p at 10:29 GMT.

The business said in the statement that performance is in line with expectations and that its outlook for the full year has remained unchanged, with chief executive Terry Leahy adding that the firm has "continued to make good progress" during the second half of 2009.

"We are seeing improving customer confidence and encouraging trends in both the UK and our international businesses," he said, noting that Tesco is building its sales platform through the opening of new stores.

Posted by Clive ArneilADNFCR-1681-ID-19501191-ADNFCR