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Tesco 1Q Comparable Revenue Rose, But UK Sales Fell

By Sabela Ojea

 

Tesco PLC said Friday that like-for-like sales rose in the first quarter of fiscal 2023, although U.K. revenue had a hit on an on-year basis.

The British grocer said like-for-like sales excluding value-added tax and fuel for the three months ended May 28 increased by 2% to 13.57 billion pounds ($16.76 billion). Sales in the U.K. fell by 1.5% to GBP9.88 billion in the period, it said.

Tesco said it gained 37 basis points in market share growth in the U.K. despite the lower sales. The company said its performance was affected by the annualization of last year's pandemic-related lockdown, which was partially offset by inflation.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

June 17, 2022 02:38 ET (06:38 GMT)

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