Tesco confirmed that overall sales were up 7% year-on-year. This includes fuel sales growth of 38.7% reportedly “due to market-wide inflation and higher sales volumes.”

Tesco reports a 3.5% increase in actual sales year-over-year, with sales growth across all segments. Earnings growth accelerated in the second quarter as market-wide inflation rose.

Tesco’s statutory operating profit fell 43.6% overall year-on-year as the group reported the impact of “significant cost inflation”.

Tesco Chief Executive Ken Murphy said his strategy of “slowing it down a bit and slowing it down a bit” has made its pricing position “more competitive”.

He added, “We know our customers are facing difficult times and are counting on every penny to help them reach their goals. That’s why we cover over 8,000 products each week and work tirelessly to keep the cost of your weekly shopping as affordable as possible with a powerful combination of Aldi price comparisons, cheap daily prices and club card prices. continues. We are also investing heavily in our colleagues with further pay increases in our UK stores announced today.”

“Looking ahead to the second half of the year, cost inflation remains significant and it is too early to predict how customers will adapt to the ongoing changes in the market. Despite these uncertainties, , our priorities are clear: we have a sound long-term strategy and will continue to align the needs of all our stakeholders. Most importantly, we remain focused on delivering value to our customers and supporting them in any way we can.”

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Source: Meat Management