Tesco PLC Reports Strong Q1 Trading Update

Tesco PLC, a leading food retailing company in Europe, has released its Q1 trading statement, which highlights a 5.5% increase in group sales at constant rates. This growth is driven by a 4.6% increase in like-for-like sales.

Key Highlights

• Group sales at constant rates increased by 5.5%
• Like-for-like sales growth reached 4.6%
• Online sales rose by 11.5%
• Tesco’s wholesale arm, Booker, reported robust gains

Tesco’s strong trading update has driven growth in its fresh food and non-food segments. The company has maintained its full-year profit guidance despite pressures from the ongoing price war in the UK.

Initiatives to Reduce Food Waste

Tesco has introduced a new initiative to reduce food waste by selling bananas that are ready to ripen at home. This move aims to minimize food waste and provide customers with a convenient option.

Financial Performance

Tesco’s stock price has surged by nearly 3% following the release of its Q1 trading statement. The company’s strong performance has driven growth in its market share, with the company expanding its presence in the UK.