Tesco sales growth slows amid ‘uncertainty’ linked to Iran conflict
Tesco held its profit outlook as online sales rose 10.9%, but chief executive Ken Murphy said Middle East conflict has unsettled customers.
- Tesco reported total sales increased 1% to £16.8 billion over the 13 weeks ending May 30, marking modest growth despite Middle East uncertainty affecting consumer spending.
- Ken Murphy, Tesco chief executive, attributed the slowdown to Middle East conflict uncertainty affecting households. UK like-for-like sales rose only 1.8%, below the 2.3% analyst forecast and prior quarter's 3.1% growth.
- Food sales rose 2.6%, with 3.6% growth for Fresh food and a 9% jump across the Finest range. Online sales surged 10.9%, offsetting weakness in UK like-for-like performance.
- Tesco maintained its full-year operating profit guidance of £3 billion to £3.3 billion, aligning with analyst expectations of £3.25 billion for 2026/27.
- Irish operations delivered the strongest performance, with like-for-like sales climbing 3.3% to £838m in the Republic of Ireland, driven by robust Food category growth.
25 Articles
25 Articles
Tesco sales growth slows, but online demand remains strong - InternetRetailing
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A washout spring has done more damage to Britain’s supermarket tills than any World Cup win, according to the boss of Tesco, after the country’s biggest retailer saw UK sales growth more than halve over a quarter blighted by rain and the fallout from the Middle East conflict. Ken Murphy, chief executive of Tesco, said the grey, wet conditions that dominated much of this spring, set against a long run of sunshine a year earlier, had weighed on sh…
Tesco says Middle East conflict has hit sentiment but not spending - London Business News
Tesco has warned that heightened geopolitical uncertainty is beginning to weigh on consumer sentiment, although Britain’s largest supermarket group said the conflict in the Middle East has not yet translated… The post Tesco says Middle East conflict has hit sentiment but not spending appeared first on London Business News
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