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Tesco Q1 Trading Statement

Tesco delivered its Q1 2022/23 Trading Statement today:

Three-year like-for-like UK & ROI grocery sales, which strip out the impact of lockdowns, are up 9.7%. Some commentators have focused on the 1.5% decline in one-year like-for-like UK grocery sales, but that should be expected given last year’s figure was inflated by much higher grocery spending in lockdown last year.

The channel breakdown is also important. Three-year like-for-like, shows a 3.9% growth for large format stores and a 55% growth in online, an annualised 18% growth rate for online.

Omnichannel stores are best placed to service this growth in online shopping, given 90% of Tesco’s online grocery are fulfilled via these stores.

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