Tesco, the UK's largest retailer, has reported a rise in quarterly sales and maintained its profit outlook. The company has seen an increase in both in-store and online spending, with a notable shift of customers from rival stores. Tesco's total retail sales for the 13-week period from March to May grew by 3.4% on a like-for-like basis, with UK retail sales up 4.6% (Food +5.0%, Non-Food +0.7%, Online +8.9%). The company also reported a market share increase of 52 basis points to 27.6%. Despite challenges such as low single-digit food inflation and shipping cost increases, Tesco's CEO expressed optimism about improving customer sentiment and was not overly concerned about employment measures in the Labour Party manifesto. However, Booker, Tesco's wholesale division, saw a 1.3% decline in like-for-like sales due to continued tobacco market share decline and fast-food sector weakness.
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: **UK CUSTOMER SENTIMENT IS IMPROVING **BASE CASE FOR REST OF YEAR IS LOW SINGLE DIGIT INFLATION IN FOOD **SHIPPING COST INCREASES NOT MATERIAL SO FAR **NOT UNDULY WORRIED BY EMPLOYMENT MEASURES IN LABOUR PARTY MANIFESTO
Tesco Backs Guidance After Volume Growth Lifts Sales https://t.co/0mp2dqeSOE
Britain's Tesco keeps profit outlook after quarterly sales rise https://t.co/RTKCdm1vlu https://t.co/tMQ2pEIXiH
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