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Retail

Tesco Reports Dip In UK Like-For-Like Sales In Q1

Tesco has said that UK like-for-like sales, excluding VAT sales tax and fuel, fell 1.5% in the 13 weeks to May 28, its fiscal first quarter, broadly in line with analysts' forecasts.

Combined UK & ROI sales were up 1.5% on a like-for-like basis, driven by a solid performance in its Booker arm (+19.1%).

Sales in the same quarter last year had been boosted by a third pandemic lockdown.

The group, which has outperformed its peers, said it maintained its full-year profit guidance despite reporting a fall in UK sales in its latest quarter.

Cost Of Living Increases

Commenting, chief executive Ken Murphy noted that shoppers were facing unprecedented increases in the cost of living, making it even more important that Tesco works with suppliers to mitigate as much inflation as possible.

"“Whilst the market environment remains incredibly challenging, our laser focus on value, as well as the daily dedication and hard work of our colleagues, has helped us to outperform the market," he said.

"Our material and ongoing investment in the powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices is removing the need for customers to shop elsewhere."

Tesco reiterated its profit guidance of retail adjusted operating profit of between £2.4 billion and £2.6 billion, down from £2.65 billion made in 2021-22.

News by Reuters, edited by by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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