In the 13 weeks to May 27, 2023, Tesco delivered strong results across all formats driven by a “relentless focus on value.”
Total sales for the UK and Ireland increased to £13.79bn, representing an 8.8% growth in like-for-like sales.
The grocer maintained its market share of 27.1% in the UK with large stores performing particularly well with like-for-like sales growth of 9.9% during the same period.
Tesco’s online market share increased to 37.5% as online sales grew by 8.2%.
Despite an increase in sales, Tesco said it expects to deliver ”a broadly flat level of retail adjusted operating profit” in the current financial year.
Chief executive Ken Murphy said: “We are pleased with our performance in the first quarter, underpinned by our relentless focus on value. 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. 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.
“The ongoing effort and contribution from our colleagues is evident in the strength of our offer and I want to thank the entire team for everything they do. By focusing on our customers we have delivered a strong start to the year. We are well positioned for the months ahead and are reiterating our guidance for the full year.”
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