Tolga Akmen | AFP | Getty Photographs
Tesco, Britain’s greatest 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 12 months when the nation was within the grip of its first Covid-19 lockdown.
The group stated U.Ok. like-for-like gross sales, excluding gas 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 steering for the complete 2021-22 12 months.
“Whereas the market outlook stays unsure, I am happy with the sturdy begin we have made to the 12 months and proceed to be excited in regards to the many alternatives we’ve to create worth over the long term,” stated Chief Govt Ken Murphy.
Tesco has guided to full 12 months retail working revenue on a seamless operations foundation in 2021-22 to be at an identical stage to 2019-20’s end result.