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Tesco, Britain’s greatest retailer, reported a pointy slowdown in underlying U.Ok. gross sales progress in its first quarter, reflecting a tricky comparability with the identical quarter final yr when the nation was within the grip of its first Covid-19 lockdown.
The group mentioned U.Ok. like-for-like gross sales, excluding gasoline and VAT gross sales tax, rose 0.5% within the 13 weeks to Could 29 – forward of analysts’ common forecast of a fall of 1.0% however down from progress of 8.8% within the earlier quarter.
Evaluating the quarter with the identical quarter in 2019, earlier than the pandemic impacted buying and selling, U.Ok. like-for-like gross sales have been up 9.3%.
Tesco, which has a 27% share of Britain’s grocery market, maintained its revenue steerage for the complete 2021-22 yr.
“Whereas the market outlook stays unsure, I am happy with the robust begin we have made to the yr and proceed to be excited concerning the many alternatives we have now to create worth over the long term,” mentioned Chief Government Ken Murphy.
Tesco has guided to full yr retail working revenue on a seamless operations foundation in 2021-22 to be at an identical degree to 2019-20’s consequence.