Tesco sales accelerate despite ‘intensely competitive' grocery market
Tesco has revealed stronger sales over the latest quarter despite an 'intensely competitive' UK grocery market.
The UK's largest supermarket chain said it has increased its market share further after investing more in pricing to bring in more customers.
The company said group sales grew by 4.6%, on a like-for-like basis, to £16.4 billion for the 13 weeks to May 24.
This was buoyed by growing demand for own-brand and premium products, with sales of its Finest range up 18% year-on-year.
This was supported by the launch of 350 new own-brand products during the quarter, as shoppers continue to turn more frequently to supermarket own-brands over branded rivals.
As a whole, the business saw food sales grow by 5.9%, while non-food sales, excluding toys, rose by 6.2% amid a boost from new ranges and warmer weather.
Tesco stressed that growth has come as it maintained its 'strong price positioning' relative to its rivals, continuing to invest in its Aldi Price Match scheme and around 9,000 Clubcard price deals each week on its loyalty scheme.
It comes amid continued pressure on pricing from rival supermarkets, with Asda slashing prices this year in a bid to help turn around its fortunes.
In April, Tesco said it expects to make as much as £400 million less in profit this financial year due to heightened competition.
Ken Murphy, chief executive of Tesco, said: 'We are pleased with our performance across the first quarter.
'Our continued commitment to delivering great value, quality and service for our customers has contributed to like-for-like sales growth across all parts of the group.
'The market remains intensely competitive, and we are committed to ensuring customers get the best value in the market by shopping at Tesco.'
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