Tesco announces its first-quarter 2021/22 sales on Friday (18 June), with the retailer keen to continue the momentum it experienced during its most recent full year, in which it reported a 6.3% increase in like-for-like sales.
The quarter, which runs from the end of February, is likely to experience a tough comparative impact, as it falls one year on from the start of the pandemic and the 'panic buying' that ensued as a result.
With this in mind, year-on-year sales are not the only metric to consider when looking at Tesco's first quarter performance, says analyst Clive Black of Shore Capital, with the "two-year sales stack, the change in online grocery participation and the direction of travel on COVID costs, mix and working capital" also worth bearing in mind.
