Tesco Q1 Report 2024
Ken Murphy, Chief Executive: “We’ve continued to build momentum in the business, with strong volume growth across the UK, Republic of Ireland and Central Europe supported by easing inflation. We continue to be the cheapest full-line grocer and are the most competitive we’ve ever been, with our value, product quality and service driving better brand perception and customer satisfaction. Our market share reflects this, growing more than at any other time in the past two years, with customers switching to us from other retailers, shopping with us more often and with more in their baskets.
Highlights
- UK £13,330 Million Sales & £975 Million in Central Europe
- Market share growing ahead of all key competitors, up +52bps to 27.6%, supported by 15 consecutive periods of positive switching gains
- Food sales up +5.0%, including strong volume growth across the quarter, particularly in fresh food; non-food sales up +0.7%, driven by strong growth in clothing
- Cheapest of the full-line grocers for 19 consecutive periods through powerful combination of Aldi Price Match on c.700 lines, Low Everyday Prices, with >1,000 prices locked, and Clubcard Prices
- Growth in all channels; online sales up +8.9%, driven by volume growth and strong contribution from Whoosh
- Finest sales continue to grow strongly, up +12.5%; net switching gains from premium retailers for 22 periods
- Ongoing investment in colleague hours supporting further improvement in brand perception, customer satisfaction and availability, which is up +1.5ppts year-on-year to 95.9%
