Tesco's UK sales growth more than halved to 1.8% in the first quarter, impacted by consumer uncertainty from the Middle East conflict and higher fuel prices. Overall group sales rose 1% to £16.8bn.
1 storiesCommodities & EnergyCrude oil prices: WTI & Brent
Tesco UK sales growth slows to 1.8% amid Middle East conflict uncertainty
IN SHORT
Tesco's UK sales growth more than halved to 1.8% in the first quarter, impacted by consumer uncertainty from the Middle East conflict and higher fuel prices. Overall group sales rose 1% to £16.8bn.
Frequently asked questions
Tesco's UK comparable sales grew by 1.8% in the three months to the end of May, a significant slowdown from the previous quarter's 4.2% growth.
The slowdown was attributed to ongoing uncertainty for households due to the Middle East conflict and higher fuel prices, as well as comparisons with strong sales in the prior year driven by warm weather.
Tesco reported a 19.5% surge in fuel sales, reaching £1.7bn, driven by soaring petrol and diesel prices.
Tesco expects to meet its annual profit expectations, with analysts projecting a profit of £3.25bn for the financial year.
What Happens Next
01Tesco expects to meet its annual profit expectations.
02Analysts anticipate Tesco to make £3.25bn in profit this financial year.
CME Headlines
- Amendments to the 1-Ounce Gold Futures Contract – 24/7 Trading Hours on CME Globex
- Expansion of the Listing Schedule of Henry Hub Natural Gas Look-Alike Penultimate Financial Futures Contract
- Amendments to NYMEX/COMEX Rule 588.H. (“Globex Non-Reviewable Trading Ranges”) Table for all Platinum Futures and Gold Futures Contracts and Certain Silver Futures Contracts
All stories in this theme
Tesco UK sales growth slows to 1.8% amid Middle East conflict uncertainty