Tesco Q1 FY21: sales rise 9.2% in UK & ROI

06 Jul '20

2 min read

Pic: Tesco

Tesco plc, a UK-based retailer company, posted 9.2 per cent sales growth in UK & ROI (region of interest) to £12,214 million in the first quarter (Q1) FY21 ended on May 30, 2020. Group’s total sales rose 8 per cent to £13,380 million during Q1 FY21. Performance was attributed to online sales which increased 48.5 per cent during the quarter.

Group reported major shifts in product and category mix during the quarter as customers focused more of their purchases on essential items. In the UK, food sales grew 12 per cent, whereas more discretionary categories such as clothing saw sales 20 per cent decline.

“In just five weeks, we doubled our online capacity to help support our most vulnerable customers and transformed our stores with extensive social distancing measures so that everyone who was able to shop in store could do so safely,” Dave Lewis, chief executive at Tesco, said in a press release.

Sales in Tesco’s business grew 9.5 per cent including a particularly strong performance from One Stop. Group’s 896 large stores were well-placed to serve customers seeking to shop less frequently and buy more on each visit, with sales up 5.4 per cent.

In Central Europe, sales growth excluding Poland was 3.3 per cent. Group stated that changes to customer shopping behaviour in the region were similar to the UK, with high demand for online grocery and a change in mix of sales towards more essential food items.

Fibre2Fashion News Desk (JL)

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