Tesco has reported a significant profit of £2.3 billion and an increase in its chief executive Ken Murphy's salary to nearly £10 million. The company has seen a rise in quarterly sales, with total retail sales up by 3.4% LfL and UK retail sales up by 4.6%, driven by a 5.0% increase in food sales and an 8.9% rise in online sales. Tesco's market share has grown by 52bps to 27.6% as customers switch from rivals, and the company claims to be the cheapest big grocer. Despite these gains, 49% of British fruit and vegetable farmers are at risk of going out of business within the next 12 months, citing unfair buying price payments from supermarkets. Tesco's CEO has defended his substantial pay package amidst ongoing discussions about executive compensation. Booker sales declined by 1.3% LfL.
Tesco and Boots giving out 'emergency' refunds and warn 'don't eat' https://t.co/sAe82tofJg
🇬🇧 Tesco boss wins pay vote after strong first quarter https://t.co/5ygWgrZwbV
🇬🇧 Tesco expects Euro 2024 sales boom -- but faces row over CEO pay https://t.co/kFgsgkBvt6
🇬🇧 Tesco Finest range is winning over M&S and Waitrose shoppers, supermarket claims https://t.co/13i0mktG3r
Tesco’s Ken Murphy, who earns almost £10m a year, admits he is ‘well paid’ https://t.co/bqvIy5D6O7
Tesco said it was set to hit its targets for the year as CEO Ken Murphy argued customers were switching to Tesco from other retailers. The update contrasts with other recent subdued retail data in the UK https://t.co/JbZSnyVrO6 https://t.co/42bYhxveEy
Tesco boss defends his near €12m pay package as sales grow https://t.co/SpFJVX5V2V
Tesco says shoppers are buying more as confidence returns https://t.co/RAl6HZtuCX
Tesco issues message to shoppers buying food in stores 'over summer' https://t.co/pAXxLhXQXz
Tesco warns shoppers who buy potatoes and says 'it is crucial' https://t.co/fHGY0ziUNo
Tesco $TSCO Mar-May 13-week sales Total retail sales +3.4% LfL UK retail sales +4.6% LfL (Food +5.0%, Non-Food +0.7%; Online +8.9%) Share +52bps to 27.6% Booker -1.3% LfL "Continued tobacco market share decline", fast-food weakness, strong PY Core retail +1.0%, catering +2.2% https://t.co/reY8rLQ60R
Tesco sees another sales bump and says it is the cheapest big grocer https://t.co/qKKvB4ZLQN
⚠️ TESCO CEO: LOOKING FOR 'STABILITY AND CONSISTENCY' FROM ANY NEW UK GOVERNMENT
Britain's Tesco keeps profit outlook after quarterly sales rise https://t.co/RTKCdm1vlu https://t.co/tMQ2pEIXiH
£119 warning to Tesco, Sainsbury's, Morrisons shoppers who have olive oil in kitchen https://t.co/HU5ZfHcO5F
Tesco says shoppers are spending more at its stores and online and that its market share has grown by customers switching from rivals https://t.co/BZe0u7yuvg
Tesco issues important message to shoppers who buy coffee 'in store and petrol stations' https://t.co/veRIzG2OrD
Tesco profits of £2.3 billion & their chief executive’s salary hit £10 million. Meanwhile, 49% British fruit & vegetable farmers say it's likely they will go out of business in the next 12 months, and many farmers blame unfair buying price payments of supermarkets. https://t.co/qPqjTzirRW