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Tesco Q1 LFL retail sales up 2.0% yoy

Christian Fernsby |
Tesco posted group retail sales, exc. VAT, exc. fuel, of 13.57 billion pounds for the 13 weeks ended 28 May 2022, a like-for-like growth of 2.0% from prior year.

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Group sales were 13.83 billion pounds, up 2.5%.

UK sales, exc. VAT, exc. fuel, were 9.88 billion pounds, down 1.5%. The Group noted that its year-over-year performance in the UK was impacted by annualisation of lockdown last year, most notably in GM, clothing and online, partially offset by inflation.

"Although difficult to separate from the significant impact of lapping last year's lockdowns, we are seeing some early indications of changing customer behaviour as a result of the inflationary environment," Ken Murphy, Chief Executive, stated.

The Group plans to work with its supplier partners to mitigate as much inflation as possible.

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