MARKET TALK: Tesco 1Q US Sales Encouraging - Execution Noble

15th Jun 2010 07:41

0641 GMT [Dow Jones] Whilst Tesco's 1Q international like-for-like sales are broadly flat, encouragingly, there is high single-digit, like-for-like growth in the US, says Execution Noble. "Still, investors in the 'wait-and-see' camp might not be convinced by the flat LFL sales in the international business as these are unlikely to drive an improvement in returns in the short-term," says Execution. It notes that since the announcement of the departure date of Terry Leahy, the shares have been trading near historic lows in terms of valuation. Execution Noble says shares trading below 400p are at an excellent entry point. They closed Monday at 392p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 02:41 ET (06:41 GMT)