Tesco ROI Q3 like-for-like sales up +8.3%
ROI Christmas like-for-like sales up +5.5%, with Clubcard sales penetration up 10ppts YoY to 85%
Print19 January 2024
Tesco’s latest trading statement shows Republic of Ireland like-for-like sales (exc. VAT and fuel) were up +8.3% for Q3 and up +5.5% for Christmas*.
Tesco’s Republic of Ireland market share growth was up +73bps to 24.5%**; switching gains for 12 consecutive periods***, and representing Tesco’s strongest share since 2015.
“A particularly strong performance in fresh food was driven by consistently strong volumes,” Tesco said in a press statement
According to the retailer, its value proposition was “further strengthened by market-leading Clubcard Prices deals on festive favourites”; with Clubcard sales penetration up 10ppts YoY to 85%.
In 21 stores benefiting from extensive refresh, including new and improved fresh produce and bakery areas and new innovations across the store including coffee, hot food & food-on-the-go
Meanwhile in the UK, Tesco continued to outperform the market, with stronger than expected volume growth. The retail giant achieved a strong market share performance, up +15bps to 27.9% in the four weeks to Christmas****, with net switching gains for ten consecutive periods*****.
The six weeks to Christmas saw a like-for-like sales increase of 6.8%, including growth of 9.2% in the four weeks to Christmas. Tesco also saw consistent volume growth across the period; with a “particular strength in fresh food supported by market-leading availability”.
Tesco added that it is “now consistently the cheapest full-line grocer for over 14 months******; continuing to inflate less than all key competitors”.
“The Tesco team has worked harder than ever to help customers celebrate this Christmas, with our strongest ever range of great value, fantastic quality food,” said Ken Murphy, Tesco chief executive. “We stepped up our investment in service over the key festive period, with more colleagues on the shop floor, helping to deliver market-leading availability and making this our best Christmas yet.
“As part of our focus on value, we offered a full Christmas dinner for just £2.09 per person, helping to drive record sales in the weeks leading up to Christmas and further market share gains,” Murphy continued. “We put a strong focus on quality and innovation too, with over 550 new and improved festive products. Over 18 million customers took the opportunity to treat themselves by shopping from our Finest range, which saw sales growth of nearly 17%.
“Over the period we cut nearly 2,700 prices, with a further 150 prices cut just this week, cementing our position as the UK’s cheapest full-line grocer.”
*(Source: Q3 covers the 13 weeks to 25 November 2023 and Christmas covers the 6 weeks to 6 January)
**(Source: ROI Kantar Tesco year-on-year change in market share of Total Grocery market on 4 w/e rolling basis 24 December 2023)
***(Source: ROI Kantar net switching gains 12 w/e 26 November 2023)
****(Source: UK Kantar Tesco year-on-year change in market share of Grocers’ Total Till Roll on 4 w/e rolling basis to 24 December 2023)
*****(Source: UK Kantar net switching gains 12 w/e rolling basis to 24 December 2023)
******(Source: Cheapest full-line grocer based on UK Price index, an internal measure calculated using the retail selling price of each item on a per unit or unit of measure basis. Competitor retail selling prices are collected weekly by a third party. The price index includes price cut promotions and is weighted by sales. Full-line grocers consists of Tesco, Sainsbury’s, Asda and Morrisons)
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