trending Market Intelligence /marketintelligence/en/news-insights/trending/suv9glnfcbc-rm-9rjrugq2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Tesco reports best quarterly like-for-like sales growth since 2011

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Tesco reports best quarterly like-for-like sales growth since 2011

Tesco PLC, the U.K.'s largest grocery retailer by revenue, said June 15 that fiscal first-quarter like-for-like sales jumped 1.8% year over year, its 10th consecutive quarter of like-for-like sales growth and its best quarterly performance since 2011.

"Our task now is to continue that momentum," CEO Dave Lewis said during a same-day media conference call.

The improvement during the 13 weeks ended May 26 stemmed from Tesco's performance in the U.K. and Ireland, where like-for-like sales during that period climbed 3.5% year over year.

While like-for-like sales in the U.K. gained 2.1% year over year, they were up 3% in Ireland as customers reacted positively to Tesco's more competitive price position. The grocer's performance in Ireland was all the more remarkable because the entire estate was closed for one day in early March due to bad weather.

In the U.K., poor weather also crimped performance, but Tesco said it invested in price cuts to exclusive fresh food brands and continued to focus on the relaunch of more than 10,000 products under its own brand.

The supermarket operator's performance in the U.K. and Ireland contrasted with that in its overseas markets. In Central Europe, like-for-like sales shrank 1%, although Tesco said regulatory changes in Poland and Slovakia masked a strong underlying performance.

In Asia, like-for-like sales dropped 9% as the company stepped back from bulk selling in Thailand.

At wholesaler Booker, which Tesco acquired in March for £3.7 billion after a prolonged battle to secure regulatory approval, like-for-like sales leaped 14.3%.

"We are delighted with initial progress on Booker, and are focused on delivering the synergy benefits that our merger brings," Lewis said in a statement.

In early trading in London on June 15, Tesco's shares were up 5.6 pence, or 2.3%, at 255.4 pence.