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Tesco sees increase in sales in Asian markets

Although sales decline in Japan

British retailer Tesco has seen a surge in sales in Asian markets including South Korea, China, India, Thailand and Malaysia.

As UK's largest supermarket chain continues to aggressively expand internationally, its overseas operations make up 31 per cent of its sales and 22 per cent of profits, a significant increase from 10 per cent and 5 per cent, a decade ago.

In South Korea which is the company's largest market abroad, like-for-like sales growth in the third quarter was 6.7 per cent, up from 6 per cent in the pervious quarter.

Third- quarter sales increased by 18 per cent in India and 8.3 per cent in China from the last quarter. Thailand and Malaysia saw a 3.4 and 0.5 per cent increase in sales for the third quarter.

However, sales in Japan decline by 5.7 per cent in the same period.

Tesco's Asia and Europe director Philip Clarke, who will be taking over as chief executive in March 2011, said that the Chestnut-based company's international operations were an "increasingly important engine for growth."