Tesco Q1 Report 2023
UK: Ongoing focus on value for customers, leading to continued strong performance
- Strong performance across all formats and channels:
- maintaining strong market share at 27.1%1
- large stores sales particularly strong (LFL +9.9%)
- online sales up 8.2%; online market share up +75bps to 37.5%2
- Further increased Aldi Price Match to c.700 products; strong volume response to latest Low Everyday Prices price-lock on over 1,000 products; Clubcard Prices now available on over 8,000 lines
- Price index3 further improved; led the market in cutting prices on essential items to support customers
- Ninth consecutive period of switching gains4 from premium retailers, supported by strong Finest performance with sales up 14.9% and over 100 new Finest products launched
- Delivered market-leading availability, with further improvement through the quarter
