The largest retailer in the UK increased its yearly guidance based on increases in market share against key competitors during the six months ending on August 24.
Additionally, it acknowledged that demand for its Finest premium ranges—which were about 15% higher than they were a year ago—had increased.
Fuel-free total sales increased by 4% to £31.5 billion, although the rise of UK like-for-like sales slowed in the second quarter.
However, at £1.56 billion, its preferred metric for retail adjusted operating profit increased by 10%.
The business stated that it now anticipated the yearly amount to be around £2.9 billion.
This was more than the £2.8 billion estimate made earlier, which would have equaled the previous fiscal year’s revenue.
Tesco claimed that volume increase during the period had been driven by its emphasis on providing value on daily goods, which was assisted by its Clubcard loyalty and Aldi price-matching schemes.
It cited industry data indicating that its market share, at 27.8%, is at its highest point since January 2022.
Tesco reported that Clubcard was now available to 23 million households, saving up to £385 on annual grocery bills.
