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Business - June 18, 2021

Tesco’s UK gross sales development slows in newest quarter

Tolga Akmen | AFP | Getty Pictures

Tesco, Britain’s largest retailer, reported a pointy slowdown in underlying U.Ok. gross sales development in its first quarter, reflecting a tricky comparability with the identical quarter final yr when the nation was within the grip of its first Covid-19 lockdown.

The group mentioned U.Ok. like-for-like gross sales, excluding gasoline and VAT gross sales tax, rose 0.5% within the 13 weeks to Might 29 – forward of analysts’ common forecast of a fall of 1.0% however down from development of 8.8% within the earlier quarter.

Evaluating the quarter with the identical quarter in 2019, earlier than the pandemic impacted buying and selling, U.Ok. like-for-like gross sales had been up 9.3%.

Tesco, which has a 27% share of Britain’s grocery market, maintained its revenue steerage for the complete 2021-22 yr.

“Whereas the market outlook stays unsure, I am happy with the robust begin we have made to the yr and proceed to be excited in regards to the many alternatives we’ve got to create worth over the long run,” mentioned Chief Government Ken Murphy.

Tesco has guided to full yr retail working revenue on a unbroken operations foundation in 2021-22 to be at an identical degree to 2019-20’s final result.

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