The biggest supermarket in the UK reported that its market share was increasing more quickly than it had in the previous two years.
In comparison to the same period last year, the grocery giant stated that sales climbed 3.4% across the company, including Ireland, to £15.3bn in the 13 weeks leading up to May 25.
Its domestic success was even better, with its UK market rising 4.6% to £11.4 billion.
This came after food sales increased by 5%, partly due to high demand for fresh vegetables.
Tesco Finest product sales also increased “strongly” in response to consumer demand.
According to market research firm Kantar, the company’s market share increased by more than 50 basis points to 27.6% in the 12 weeks leading up to May 12 on an annual basis.
Tesco emphasized both its clubcard loyalty program, which offers members discounted pricing, and its policy of matching discounter Aldi’s prices on essential commodities.
Business cost reductions are the source of funding for these efforts; additional savings of £500 million are anticipated for 2024–2025.
