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Tesco reports 1.1% one-year sales change in Q1

By BFN News | 07:23 AM | Friday 18 June, 2021


Tesco has reported a 1.1% one-year sales change in its quarter one results published 18 June 2021. The British multinational groceries and general merchandise retailer, headquartered in Welwyn Garden City, England. The food giant said that last year's growth reflected lockdown measures and a higher conversion of 'out of home' consumption. This year, it reports a +9.3% two-year like-for-like sales growth of +9.3%, which includes benefits retained from customers consuming more meals at home as a result of coronavirus. Sales peaked in March at +14.6% and evened out in April and May as restrictions eased. Ken Murphy, chief executive, said: ?We delivered a strong performance in the first quarter, even as we lapped the high demand of last year due to the pandemic. We have further strengthened our commitment to delivering consistent, reliable value and to rewarding loyalty, as we extended Clubcard Prices to all Express stores.? A call for investors and analysts will be held today at 09:00am. Story provided by StockMarketWire.com

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