Tesco 19-week Group Retail LFL Sales Up 6.4%, Excl. VAT, Excl. Fuel; Reconfirms FY Guidance

Tesco Plc (TSCO.L,TSCDY.PK) reported that its Group Retail like-for-like sales were up 6.4%, excluding VAT, excluding fuel for the 19 weeks ended 7 January 2023. For the UK & ROI, the growth was 6.1%.

Third-quarter Group Retail like-for-like sales excluding VAT, excluding fuel, were up 5.7%. For the UK & ROI, the growth was 5.2%.

Ken Murphy, Chief Executive, said: "I'm really pleased with our performance over this period - particularly the further strong growth at Christmas on top of the exceptional growth of the last few years. We've delivered a strong market share performance in the UK and ROI, Booker has continued to grow strongly despite a particularly tough catering backdrop and our Central European business has delivered its highest sales growth for many years."

Looking forward, the Group reconfirmed fiscal 22/23 guidance. The Group expects retail adjusted operating profit between 2.4 billion pounds and 2.5 billion pounds; retail free cash flow of at least 1.8 billion pounds; and Bank adjusted operating profit of approximately 120 million pounds to 160 million pounds.

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