Tesco reported a 2.3% rise in UK like-for-like sales for the 13 weeks to 27 May – its strongest performance since 2010 and sixth consecutive quarter of growth. It also means it beat analyst forecasts of 1.9% growth.
The big four supermarket has benefited from convincing shoppers to return from its rivals, with its first-quarter performance boosted by a 2.7% rise in food sales. And these numbers have particularly resonated with shareholders, with Tesco’s shares up 3% this morning – making it the biggest riser in the FTSE 100.
Tesco is growing amid a period of inflation in the UK, which is putting the pressure on everyday household budgets. In May, for example, inflation hit a four year-high of 2.9%. Tesco CEO Dave Lewis insists he will do everything to try to keep prices low.
Lewis also says “confidence” has returned to Tesco and…