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BUZZ-Tesco: steady as she goes

Reuters - UK Focus

** Tesco Q1 sales decline less than expected

** Stock, up 3%, top FTSE 100 riser & easily most actively traded on index, with Sainsbury's & Morrisons second & third top risers respectively, up 1.9% & 1.1%

** Q1 sales at British stores open over a yr down 1.3%; analysts had forecast drop of between 1.6% & 3%

** Chief Executive Dave Lewis does say market is still "challenging" & "volatility is likely to remain a feature of short-term performance"; but analysts at Deutsche Bank (Xetra: 514000 - news) find the Q1 sales performance "re-assuringly steady"

** Broker, which highlights Q1 LfL sales growth beat expectations in each of co's four largest markets - UK, Ireland (Other OTC: IRLD - news) , South Korea & Thailand - repeats "buy" rating; it views 2017E FCF yield of c.8% as attractive for a food retailer

** Sector at large been boosted this wk by bullish brokers, with UBS (NYSEArca: FBGX - news) reckoning the point of peak disruption from the discounters is now past (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)