Tesco reports that its UK sales growth slows in the first quarter, attributing weaker momentum to uncertainty linked to the Middle East conflict. In the three months to the end of May, the retailer says comparable UK sales rise 1.8%, down from 4.2% in the previous quarter, a figure that several outlets describe as better than analysts had expected. Financial Times and other reports also note Tesco maintains a cautious outlook and that it continues to gain market share. Other figures cited across coverage include total sales increasing by 1% to £16.8 billion over the 13 weeks to May 30. The Independent adds that Tesco says shopper sentiment is affected by the war-linked uncertainty, but that it does not see prices being materially affected. Retail Gazette and The Guardian both highlight Tesco’s reference to “ongoing uncertainty for many households,” which weighs on purchasing behaviour. Overall coverage portrays Tesco’s performance as slower than the prior quarter but not broadly collapsing, with online sales strength mentioned by The Guardian as part of support for results.
Tesco Q1 UK sales growth slows as Middle East uncertainty weighs on shoppers
Tesco reports that its UK sales growth slows in the first quarter, attributing weaker momentum to uncertainty linked to the Middle East conflict. In the three months to the end of May, the retailer sa...
- Tesco’s comparable UK sales grow 1.8% in the three months to end of May, down from 4.2% in the prior quarter.
- Total sales increase 1% to £16.8 billion over the 13 weeks to May 30.
- Tesco links weaker sales momentum to ongoing uncertainty for households tied to conflict in the Middle East, including the Iran war.
- Several outlets report Tesco keeps a cautious outlook and maintains market share gains.
- Tesco says prices are not affected, while shopper sentiment is hit by the uncertainty.
It came as the FTSE 100 firm revealed a weaker-than-expected increase in sales for the past three months.
2 months agoTesco’s UK sales growth more than halved in its first quarter as the supermarket giant flagged “ongoing uncertainty” for households. The UK’s largest grocer posted comparable sales growth of 1.8 per cent to £13.4 billion in the three months to the end of May, down from 4.2 per cent in the previous quarter. The rise...
2 months agoUK’s biggest retailer reports better figures than expected by City analysts and is cheered by strong online salesBusiness live – latest updatesTesco’s UK sales growth has more than halved as it said the conflict in the Middle East had created “ongoing uncertainty for many households”.The UK’s biggest retailer said comparable sales rose 1.8% in the three months to the end of May, well below the 4.2% reported in the previous quarter. Continue reading...
2 months agoThe retailer revealed that total sales increased by 1% to £16.8 billion over the 13 weeks to May 30, compared with a year earlier.
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