Tesco: share down after trading update

(CercleFinance.com) - The Tesco share is down 1.
9% in London this morning, after the food retailer's trading update, which included quarterly sales of nearly 14 billion pounds, up 0.4% at constant exchange rates and up 0.2% on a comparable basis.

"In the UK, whilst overall grocery market growth was subdued, we outperformed in both sales and volume terms (by +0.2% and +1.3% respectively1) as we made further investments in range, price and loyalty," the group said.

Online grocery sales rose by 7% y-o-y in the UK in Q1, with the share of customers choosing to place orders with Click & Collect increasing to over 10%.


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