Tesco ‘continues to build momentum’ in first quarter

Market share growing ahead of all key competitors



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17 June 2024

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Tesco has continued to build momentum in the business, with strong volume growth across the UK, Republic of Ireland and Central Europe supported by easing inflation, its latest financial results show.

According to the retailer’s first quarter results, it continues to be the ‘cheapest full-line grocer with its value, product quality and service driving better brand perception and customer satisfaction’.

“Our market share reflects this, growing more than at any other time in the past two years, with customers switching to us from other retailers, shopping with us more often and with more in their baskets,” noted Ken Murphy, CEO, Tesco.

“We are looking forward to helping our customers celebrate a great summer of sport.

“We recently launched more than 100 new and exciting own brand products, including our Finest Dine In summer menu, based on classic pub dishes, and improved our Picnic & Deli, BBQ and Sweet Treat ranges.

“Tesco Finest growth was particularly strong in the quarter as customer perception of the quality of our products continues to improve.”

Performance highlights

Food sales showed a 5% increase, including strong volume growth across the quarter, particularly in fresh food.

Non-food sales showed a 0.7% increase, driven by strong growth in clothing, during the period.

“Following another strong quarter, we’re pleased to reiterate our guidance for the full year, with sales trends in line with our expectations and the business well-positioned for the months ahead,” Murphy concludes.

Read more: Tesco Ireland launches ‘52 Weeks of Little Helps’ to ease mealtime stress



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