Tesco sales conquer Beast from the East

Tesco has welcomed a 1.8% rise in first-quarter sales as demand recovered from severe weather earlier this year.

In the UK and Ireland, same-store sales grew 3.5% while like-for-like sales at wholesaler Booker, which was acquired by Tesco in November 2017, jumped 14.3%.

It marks a turnaround from April 2015, when the supermarket reported a £6.4bn loss. Since then, the retailer has been on a major turnaround programme. Roy Kaitcer, Investment Manager, said:

“Tesco continues its impressive recovery, which has now been sustained over the past 10 quarters. Over the last two and a half years they have been reducing operating costs, closing down non-profit-making stores and selling products at the right price. The supermarket is seeing the benefits of the Booker merger coming through, which has also done very well.”

Despite tough competition in the sector from discount stores and a proposed merger of Sainsburys and Asda, Tesco remains the UK’s largest supermarket with a market share of 27.7%.
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