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Tesco - 1st Quarter Results

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idpickering
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Tesco - 1st Quarter Results

#420332

Postby idpickering » June 18th, 2021, 7:09 am

UK: Continued strong performance with growth on top of exceptional sales last year

· Two-year LFL growth of +9.3% includes retained benefit of customers consuming more meals at home vs. pre-COVID-19; peaked in March at +14.6% and moderated in April/May as restrictions eased

· Online demand remains high at 1.3m orders per week with two-year sales growth of +81.6%; one-year sales growth of +22.2% reflects annualisation of surge in capacity in April last year

· Particularly strong contribution from GM and clothing (one-yr LFL: +10.3% and +52.1% respectively)

Committed to delivering great value at a time when customers need us most

· Maintained 'Aldi Price Match' on >500 lines; strengthened price position against all key competitors

· Clubcard Prices rewarding loyal customers; now extended to all 1,844 Express stores

· Customer satisfaction3 remains ahead of Rest of Big 4; value, brand and quality perceptions all stepped forward, on top of last year's strong improvements

ROI: Sales decline reflects exceptionally strong performance last year; two-year like-for-like sales of +13.0%

· Last year's growth reflected earlier lockdown and higher conversion of 'out of home' consumption

Booker: Recovering strongly as hospitality sector reopens

· Catering LFL sales increased by +68.1% including a significant recovery in Best Food Logistics' sales

· Retail LFL sales declined by (4.3)% trading over significant growth in prior year of +23.8%

CE: Trade impacted by differing non-food sales restrictions and re-opening of non-essential retail

· Non-food sales restricted in Czech Republic; stronger Slovakia & Hungary performance

Bank: Sales declined (10.0)% for 1Q as a whole; includes growth later in the quarter as we start to lap COVID-19 and benefit from the full ownership of Tesco Underwriting4 in our results

ESG: We continue to make progress across all business units and recently published our sustainability report, the Little Helps Plan, with the launch of ambitious health commitments across the UK, Central Europe & Booker and the roll-out of the UK's biggest network of soft plastics recycling points.


https://www.investegate.co.uk/tesco-plc ... 00043135C/

I hold Tesco in my HYP, and as of now, they make up 3.2% in capital value terms of my 25 share HYP, soon to be 26 shares as discussed elsewhere. I intend topping up my TSCO holdings over the coming months, to bring it up to average capital value weighting.

Ian.

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