Analysis: Basket sizes shrink and customers trade down at Tesco as cost-of-living crisis worsens
While Tesco delivered a steady set of first-quarter results, boss Ken Murphy is braced for worse to come this year as he outlined changing customer behaviour in response to soaring costs.
In a fortnight that has brought a welter of profit downgrades from the likes of Halfords and ProCook through to Asos due to slumping consumer demand and spiking inflation, the UK’s biggest retailer Tesco delivered a solid set of results for the first quarter of the year.
While like-for-like sales dipped 1.5% in the core UK market, the grocery giant was the only one of the big four to increase market share in the period – up 11% year on year.
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