Money Tesco reports rising sales amid drive to keep prices low

19:00  18 june  2017
19:00  18 june  2017 Source:   Press Association

Tesco tipped to report continued sales growth amid inflationary support

  Tesco tipped to report continued sales growth amid inflationary support Tesco is expected to report continuing sales growth when it announces first quarter results next week, helped by rising shop price inflation. The supermarket giant is tipped by analysts at Bernstein to report a 2.2% rise in like for like sales in the period, a significant improvement on the last quarter's 0.7%.In May, Tesco boss Dave Lewis hailed the grocery giant's first full year of sales growth in seven years as his turnaround plan motors on.James Grzinic, analyst at Jefferies, said: "Tesco's first quarter sales update could provide some relief, with inflationary support driving improved UK like for likes.

Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation. UK like-for-like sales in the first quarter of the year rose 2.3%, driven by a 2.7% comparable sales growth in food.

Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation. UK like-for-like sales in the first quarter of the year rose 2.3%, driven by a 2.7% comparable sales growth in food.

Tesco - stock © PA WIRE Tesco - stock

Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation.

UK like-for-like sales in the first quarter of the year rose 2.3%, helped by its fresh food offering, which Tesco said saw "significant market outperformance".

The figures represent the sixth consecutive period of positive sales momentum and come after boss Dave Lewis hailed the grocery giant's first full year of sales growth in seven years in May.

Mr Lewis said: "In tough market conditions, we have stayed true to our commitment to helping customers, working closely with our supplier partners to keep prices low.

Tesco enjoys best quarterly growth since 2010

  Tesco enjoys best quarterly growth since 2010 Tesco has reported its best quarterly sales growth in seven years as it said it was holding back inflation pressures to keep prices down. Chief executive Dave Lewis said the business, Britain's biggest supermarket, had done well in the first quarter despite "tough market conditions".Tesco reported a 2.3% rise in UK like-for-like sales for the 13 weeks to 27 May - the latest sign of the turnaround under Mr Lewis after he became boss in 2014.

Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation. UK like-for-like sales in the first quarter of the year rose 2.3%, driven by a 2.7% comparable sales growth in food.

Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation.

"Customers have responded by doing more of their shopping with us and as a result we continue to grow volumes, particularly in fresh food."

Tesco said it is working with suppliers to protect customers from inflationary pressures and pledged shoppers will see further price reductions, focused on fresh food and healthy products.

It comes after official figures earlier this week showed inflation surged to a higher-than-forecast 2.9% in May.

Mr Lewis added: "This is a good start to the year, with our sixth consecutive quarter of positive like-for-like sales growth across the group.

"We are confident in our plans to create long-term, sustainable value for our key stakeholders and to deliver on the ambitions we have set out."

Tesco hit by grocery home shopping glitch

  Tesco hit by grocery home shopping glitch Thousands of Tesco customers across the UK have had home grocery deliveries held up by a technical glitch. The UK's largest retailer confirmed it was battling a problem after people took to social media to complain they were not getting their shopping.One, Suzy Smith, declared on Twitter: "@Tesco when you wait in for your 9-10 food slot to be called at 10.05 to say it's not coming as system down! Any Compensation?".Tesco said: "We're currently experiencing an IT issue which is affecting some Grocery Home Shopping orders.

- Tesco has reported rising first quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation. UK like-for-like sales in the first quarter of the year rose 2.3%, driven by a 2.7% comparable sales growth in food.

Tesco reported a 2.3% rise in UK like-for-like sales for the 13 weeks to 27 May – its strongest Tesco is growing amid a period of inflation in the UK, which is putting the pressure on everyday household budgets. Tesco CEO Dave Lewis insists he will do everything to try to keep prices low .

In the UK, fresh food volumes grew by 1.6% in the quarter after the grocer reduced prices on a range of fruit and vegetables and more than 200 other healthy products.

Like-for-like sales across the group rose 1%, although Tesco was held back by a 3% fall in comparable sales at its international division.

Tesco closures © PA WIRE Tesco closures

At Tesco's annual general meeting, held on Friday, Mr Lewis escaped a shareholder rebellion over his generous relocation package, which had been set to come under scrutiny.

The chief executive, dubbed "Drastic Dave", was handed a £142,000 benefits package to help him relocate from London to near the supermarket's Hertfordshire head office.

Shareholder lobby group Pensions and Investment Research Consultants has advised investors to oppose the award at the AGM after deeming it inappropriate.

But the company's remuneration report, under which Mr Lewis' relocation package falls, received the backing of more than 90% of voting shareholders.

Mr Lewis insisted it was the "same policy for me that we use for any other store manager".

Tesco has also faced questions over its proposed £3.7 billion merger with food wholesaler Booker, a deal that is subject to a Competition and Markets Authority (CMA) investigation.

The CMA is assessing whether the deal could reduce competition and choice for shoppers.

Mr Lewis said "there is a huge opportunity from the merger", but Tesco has faced criticism from investors over the move, with some shareholders branding the takeover tilt a "distraction" and urging the Big Four grocer to scrap it.

Tesco Ireland is to buy out 3 Ireland's 50pc stake of Tesco Mobile Ireland .
Tesco Ireland is to buy out full ownership of Tesco Mobile Ireland.Up to now, 3 Ireland owned a 50pc stake in the ‘virtual’ operator business, which has grown to over 6pc of the Irish mobile market.

Source: http://uk.pressfrom.com/news/money/-173454-tesco-reports-rising-sales-amid-drive-to-keep-prices-low/

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