Tesco reported Q1 FY18/19 results slightly below our estimates – UK & ROI performance came in line, but the international business was a bit weak. Initial progress on the Booker integration is quite satisfactory, aided further by the strategic decision to form a buying alliance with Carrefour and closing an unprofitable non-food website. We have incorporated the Q1 numbers and the impact of some new business events in our estimates. No change to the stock recommendation.