Tesco boss affords cautious hope that inflation is easing
Murphy – who made £4.4 million final yr – added that the grocery store has “led the way” in reducing prices.
“We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items,” he stated. “There are encouraging early signs that inflation is starting to ease across the market and we will keep working tirelessly to ensure customers receive the best possible value at Tesco.”
Sales got here to £13.8 billion, up 8.8%, with £10.8 billion of that from the UK. The projected revenue, in the meantime, is in keeping with April’s expectations and final yr’s earnings.
The Finest premium line was among the many finest performers for Tesco, with gross sales right here up 14.9%. Tesco stated numerous clients have switched from higher-end supermarkets like Waitrose and M&S to Tesco’’s most interesting providing amid the cost-of-living disaster.
“We are pleased with our performance in the first quarter, underpinned by our relentless focus on value,” Murphy stated. “Customers continue to recognise our leading combination of great value and quality in every part of their basket – from essentials covered by our Aldi Price Match, through to our growing Finest range.”