Tesco, the UK's largest retailer, has reported a surprise uptick in sales, despite City analysts predicting a slower growth. The supermarket giant's comparable sales rose 1.8% to £13.4bn in the three months to the end of May, beating expectations but still lagging behind the 4.2% growth seen in the previous quarter. However, the company cited the ongoing conflict in the Middle East as a major contributor to "ongoing uncertainty for many households," which has had a notable impact on consumer spending. With the UK's economic landscape remaining uncertain, Tesco's resilience in the face of adversity is a welcome boost for investors and consumers alike.
UK’s biggest retailer reports better figures than expected by City analysts and is cheered by strong online salesBusiness live – latest updatesTesco’s UK sales growth has more than halved as it said the conflict in the Middle East had created “ongoing uncertainty for many households”.The UK’s biggest retailer said comparable sales rose 1.8% to £13.4bn in the three months to the end of May, below both the 4.2% reported in the previous quarter and the 2.3% growth City analysts had expected. Continue reading...
