Tesco’s Q1 trading performance was slightly ahead of the market’s expectations. The group’s sales grew 8.2%, 190bp ahead of the consensus. While the UK & ROI and Booker segments outperformed the street’s expectations by 200bp and 540bp, respectively, Central Europe was much softer at +1.1% yoy. We continue to see Tesco as the best-placed full-value grocer in the UK to defend its market share. Central Europe softness is also non-structural. Management has maintained the annual guidance. We retain ....
19 Jun 2023
Decent start to FY23/24!
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Tesco PLC (TSCO:LON) | 290 -2.6 (-0.3%) | Mkt Cap: 20,392m
- Published:
19 Jun 2023 -
Author:
Nishant Choudhary -
Pages:
3
Tesco’s Q1 trading performance was slightly ahead of the market’s expectations. The group’s sales grew 8.2%, 190bp ahead of the consensus. While the UK & ROI and Booker segments outperformed the street’s expectations by 200bp and 540bp, respectively, Central Europe was much softer at +1.1% yoy. We continue to see Tesco as the best-placed full-value grocer in the UK to defend its market share. Central Europe softness is also non-structural. Management has maintained the annual guidance. We retain ....