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Tesco online sales soar as boss claims grocery inflation is easing

Tesco has seen online sales rise by 8.2% amid “encouraging early signs” of grocery inflation starting to ease.

In the 13 weeks to 27 May, the supermarket giant saw an 8.8% rise in total sales for the UK and Ireland to £13.79 billion.

In Central Europe, sales improved 7.9% to £1.01 million, whilst the company’s wholesale arm, Booker, saw an increase of 8.1% to £2.28 million.

The company also reported a rise in its online market share, up +75bps to 37.5%.

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Tesco has been ranked as an Elite retailer in the RXUK’s 2023 Top500 report

This comes as Tesco CEO, Ken Murphy said the company has seen “encouraging early signs” that inflation is starting to ease.

“We will keep working tirelessly to ensure customers receive the best possible value at Tesco,” he said.

“We are pleased with our performance in the first quarter, underpinned by our relentless focus on value. Customers continue to recognise our leading combination of great value and quality in every part of their basket – from essentials covered by our Aldi Price Match, through to our growing Finest range.”

Murphy added: “We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items.”

This comes as, in the period, Tesco increased its Aldi Price Match to feature over 700 products, alongside offering its Low Everyday Prices scheme on over 1,000 products.

Clubcard Prices are now available on over 8,000 lines, the company revealed.

“By focusing on our customers we have delivered a strong start to the year. We are well-positioned for the months ahead and are reiterating our guidance for the full year,” Murphy continued.

Despite this, Tesco claimed it still expects to deliver broadly flat retail adjusted operating profit in the 2023/24 year.

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