Tesco holds guidance as Q1 sales rise 8.8%

(Sharecast News) - Supermarket giant Tesco said first-quarter sales had surged 8.8% and maintained annual guidance, adding that there were "encouraging" early signs that inflation was starting to ease for struggling customers. The company on Friday said sales in the 13 weeks to April 27 came in at £13.8bn on a like for like basis.

Shoppers are struggling with the cost-of-living crisis which has seen soaring inflation erode wages. Consumers have also started expressing anger at large company profits - calling it "greedflation".

"There are encouraging early signs that inflation is starting to ease across the market and we will keep working tirelessly to ensure customers receive the best possible value at Tesco," said chief executive Ken Murphy.

Tesco earlier this year said it expected flat retail adjusted operating profit in 2023/24 and retail free cash flow in range of £1.4bn to £1.8bn. It made £2.49bn last year.

Reporting by Frank Prenesti for Sharecast.com