Tesco hails modest Q1 performance in “subdued” market

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Tesco hails modest Q1 performance in “subdued” market

Big 4 leader Tesco has reported a 0.2 per cent rise in its first quarter like-for-like sales to £13.9 billion despite “subdued” trading across the market. Tesco said its UK business had outperformed in both sales and volume by 0.2 per cent and 1.3 per cent respectively as it continued to invest in range, price and loyalty with customers as part of its ‘100 Years of Great Value’ campaign.

“We have had a strong start to the year, growing ahead of the UK market on both a volume and value basis,” Tesco chief executive Dave Lewis said. “Our customer offer is more competitive than ever, with a wider choice of our ‘Exclusively at Tesco’ products now available in more stores, helping to drive more than 10 per cent sales growth across the range.”

In the 13 weeks to May 25, UK online grocery sales were up 7 per cent year-on-year, with the proportion of customers choosing to buy their orders and then collect at stores increasing to more than 10 per cent. https://www.retailgazette.co.uk/blog/2019/06/tesco-hails-modest-q1-performance-subdued-market/