Tesco has seen its total retail sales grow 1% year on year to £13.4bn for the 13 weeks to 29 May, according to its newly released first quarter trading statement.

The retailer said a two-year like for like growth of +9.3% includes the retained benefit of customers consuming more meals at home vs. pre-COVID-19, with the growth peaking in March at +14.6% and moderating in April/May as restrictions eased.

Online demand remains high at 1.3m orders per week with a two-year sales growth of +81.6%; the one-year sales growth of +22.2% reflects annualisation of surge in capacity in April last year.

There was a particularly strong contribution from GM and clothing, with one-year like for like growth of +10.3% and +52.1% respectively.

Ken Murphy, Chief Executive, commented: “We delivered a strong performance in the first quarter, even as we lapped the high demand of last year due to the pandemic.  We have further strengthened our commitment to delivering consistent, reliable value and to rewarding loyalty, as we extended Clubcard Prices to all Express stores.

“Our colleagues continue to do a great job serving our customers, and I thank them for everything they’re doing.  We remain focused on delivering great value, increasing loyalty and further developing our digital platform so we can serve our customers when, how and where they want.

“Our profit guidance from April remains unchanged.  While the market outlook remains uncertain, I’m pleased with the strong start we’ve made to the year and continue to be excited about the many opportunities we have to create value over the longer term.”

Comments are closed.

Agreement

To use this website, you must be aged 18 years or over
I AGREE
* by clicking above, I agree that I am over 18 years of age