UK retailer Tesco's online sales surge 8.2% YoY in Q1 FY24

The company’s overall market share was at 27.1 per cent. in Q1 FY24. Large stores were particularly prosperous, with a like-for-like sales growth of 9.9 per cent YoY.

Total sales in the UK and ROI reached £13,790 million, registering a like-for-like sales change of 8.8 per cent. Of this, the UK segment brought in £10,800 million with an impressive 9 per cent YoY sales increase. ROI also performed well, generating £714 million in sales, up by 7.3 per cent YoY, the company said in a press release.

Meanwhile, Central Europe accounted for £1,044 million in sales, showing a more modest growth with a like-for-like sales increase of 1.1 per cent. This brings the group retail sales total to £14,834 million, a solid 8.2 per cent increase in like-for-like sales.

Tesco has not revealed any specific numbers for its clothing division. However, in FY23, Tesco's clothing sales dropped by 1.2 per cent. This was attributed to strong comparisons with the heightened demand during lockdowns in the previous year.

Ken Murphy, chief executive, said: “We are pleased with our performance in the first quarter, underpinned by our relentless focus on value.  Customers continue to recognise our leading combination of great value and quality in every part of their basket.

“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. 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.”

Fibre2Fashion News Desk (DP)