Sales of UK’s biggest retailer Tesco increased by 0.5% in the 13 weeks to May 29, down from previous 8.8% gain, according to the company’s press release.
- The retail slip was better than expected 1% drop, but below the same quarter of 2019 when like-for-like sales surged by 9.3%.
- General merchandise and clothing recorded a 10.3% and 52.1% jump in sales respectively, as social connections started to rise.
- Tesco’s online sales gained 22.2% year over year and were up 81.6% on a two-year basis.
- Group sales were 13.4 billion pounds or $18.6 billion, up 1% year over year.
Tesco maintained its retail operating profit for the fiscal year 2021-22 amid uncertain market outlook.
TSCO: LON is down -2.36%