Tesco Q3 Report 2022
UK: Most competitive offering to date, delivering further growth on top of an exceptionally strong base
- Maintaining strong market share at 27.5%1; with net switching gains in December2; only full-line grocer to increase market share vs pre-pandemic3
- Strong performance driven by focus on value & quality, with particular strength in fresh food (up +8.1%), with strong execution across every part of the shopping trip including market-leading availability4
- Further strengthened value proposition: Aldi Price Match continuing to provide great value on over 600 key products; Clubcard Prices helped customers spend less on festive lines; volumes on Low Everyday Prices range up +7.4% following launch of price lock commitment in October
- New price lock announced last week, holding price of over 1,000 everyday products through to Easter
- Continued increase in Clubcard satisfaction – highest ranked supermarket loyalty scheme5; number of customers receiving in-app personalised coupons doubled to 4 million
- Overall quality perception up +143bps6 YoY; Finest festive range expanded by 22%, with overall Finest sales up +8.2%, contributing to gains from premium retailers throughout the period7
- Continued strong growth across large stores and convenience; online sales returning to growth within the period, with sales +59% higher than pre-pandemic & participation stabilising at around 13%
