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Tesco releases resilient Q1 results

Tesco Q1 Supermarket Income REIT

One of SUPR’s key tenants Tesco has published their Q1 results, demonstrating the resilience of the grocery market despite the challenging economic environment.

Sales are up 8.8%, with large format stores performing particularly strongly, up 9.9% – likely driven by cost conscious shoppers seeking to access promotions and discounts.  

Interestingly, sales of Tesco’s Finest range is up 14.9% as customers cut back on dining in restaurants.

Online sales have also grown, up 8.2%, with Tesco’s online market share increasing +75bps to 37%.

SUPR’s portfolio of large format, predominantly omnichannel stores are ideally positioned to benefit from this growth.

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