Tesco Q1 Report 2022

Ken Murphy, Chief Executive:

“Whilst the market environment remains incredibly challenging, our laser focus on value, as well as the daily
dedication and hard work of our colleagues, has helped us to outperform the market. Our material and ongoing
investment in the powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices is removing the need for customers to shop elsewhere.

Although difficult to separate from the significant impact of lapping last year’s lockdowns, we are seeing some early
indications of changing customer behaviour as a result of the inflationary environment. Customers are facing
unprecedented increases in the cost of living and it is therefore even more important that we work with our supplier
partners to mitigate as much inflation as possible.”

UK: Ongoing support for customers in challenging times; further improvement in market share

• Market share growth of +37bps3, outperforming on both value and volume
• Overall distribution of Aldi Price Match and Low Everyday Prices products up c.19% YoY
• Maintaining largest improvement in quality & value perception of any food retailer in the market vs prepandemic
• YoY performance impacted by annualisation of lockdown last year, most notably in GM, clothing and online, partially offset by inflation