// Tesco’s UK like-for-like sales, excluding fuel, rise 9%
// The supermarket giant said it had “led the market in cutting prices on essential items to support customers”
Tesco has maintained its guidance for the year as it posted a 9% rise in underlying UK sales to £10.8bn in the 13 weeks to 27 May, driven by inflation.
However, CEO Ken Murphy flagged there were “encouraging early signs” that inflation is starting to ease.
“We will keep working tirelessly to ensure customers receive the best possible value at Tesco”, he added.
The grocery giant saw its group retail sales grow 8.2%, which boss Murphy said was “underpinned by our relentless focus on value”.
Tesco further increased its Aldi Price Match to 700 products over the quarter and saw a “strong volume response” to its latest Low Everyday Prices price-lock on over 1,000 products.
It also expanded its Clubcard Prices initiative, which is now available on over 8,000 lines.
The retailer added that data showed it had “led the market in cutting prices on essential items to support customers”.
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However the retailer said it still expects to deliver broadly flat retail adjusted operating profit in the 2023/24 year.
Tesco maintained its 27.1% share of Britain’s grocery market over the period.
Murphy said: “Customers continue to recognise our leading combination of great value and quality in every part of their basket – from essentials covered by our Aldi Price Match, through to our growing Finest range.
“We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items.”
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