Tesco posts highest growth in seven years

18 June, 2018, 09:43 | Author: Eric Barnett
  • Tesco's group sales up 1.8% in its fiscal first quarter

Groceries performed strongly with transactions and basket size increasing year-on-year, citing their online Spoon Guru Lifestyle & Dietary search filters as key innovation driving healthier eating.

Like-for-like sales in the combined UK & Republic of Ireland business, for the 13 weeks ended 26 May, jumped by 3.5% as the UK's largest retailer looked to map out new opportunities following its merger with wholesaler Booker.

Forced to rebuild after a 2014 accounting scandal capped a dramatic downturn in trading, Tesco said a move to lower prices on fresh food, such as minced beef and potatoes, towards the end of its first quarter reflected a growing confidence in its performance.

Tesco's like-for-like United Kingdom sales grew by 2.1 per cent, a fall from the 2.3 per cent growth over the previous quarter as trading was hit by March's cold weather.

That was a tenth straight quarter of growth and compared to analysts' forecasts in a range of up 1.7 percent to 2.5 percent and growth of 2.3 percent in the previous quarter.

As a group, underlying sales growth was 1.8 percent, its strongest quarterly performance since 2011.


However, Sainsbury's' proposed 7.3 billion pounds takeover of Walmart's Asda would push Tesco down into second place, posing a serious threat to the group.

Tesco now dominates Britain's supermarket sector by a clear margin, with a 27.7 percent market share, according to industry data.

As of 08:14 BST, Tesco's share price had added 2.24 percent to 255.40p.

Remove that from the equation and Tesco bagged a 2.1 per cent sales rise in its United Kingdom market. Earlier this month, the supermarket came under scrutiny for handing its boss a £5m pay package, which was branded "excessive" by shareholder advisory group Pirc.

In just under four years, Chief Executive Officer Dave Lewis has taken Tesco from a company in disarray to one of the industry's most reliable performers by cutting prices and slashing costs.

In April the group reported pre-tax profits of £1.3bn for the year to 24 February, up from £145m for the year before.

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