Tesco's coffee business exceeded expectations in the first quarter of the year.
Comparable sales in Tesco's international market grew by 3.0% in the first quarter ended May 26, including 2.8% in Europe and 3.3% in Asia. At real exchange rates, international sales grew by 5.6 per cent in the first quarter, including 8.2 per cent in Europe and 2.8 per cent in Asia, while group sales grew by 1.8 per cent.
Although Dave Lewis, chief executive of Tesco, said he was satisfied with the growth of the UK market for two consecutive quarters, he said the deflationary market was still extremely challenging.
Tesco also announced in its results that it had sold its coffee business, Harris+Hoole, after it sold its restaurant business, Giraffe, and its Turkish grocery business, Kipa.
Tesco bought 49 per cent of Harris+Hoole in 2012, with the rest held by the brand's founders.
Affected by Brexit, Tesco plunged more than 8 per cent at the start of trading on Thursday.
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The coffee market in Japan is growing.
Japan's domestic coffee market continues to expand, although the population is shrinking, as of 2015, the consumption of coffee such as households and large chain stores has set a new history for three consecutive years, the import of raw beans has also been increasing, and different brands of coffee in convenience stores have actively participated in the market.
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The number of coffee shops in Shanghai increased by more than 15% last year.
Sit in an old French-style house and drink a cup of personalized coffee and experience a rare slow life at a fast pace, the Labor Daily reported. Recently, Starbucks launched another Zhenxuan coffee store, which has attracted a lot of popularity. Industry insiders point out that there is still a lot of room for coffee industry expansion in Shanghai, while last year alone, the number of coffee shops increased by more than 15%. Data display
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