Tesco Plc S/Adr (TSCDY) Q1 2027 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining Imran and I following the publication of our first quarter trading update earlier today. We've made a good start to the year. I'm particularly pleased with our strong customer satisfaction scores, helping to drive further sales growth on top of the exceptional performance we delivered last year. Alongside ongoing investments in value, quality and service, We are making strong progress against the longer-term growth drivers we set out in April, including personalisation, retail media and digital capability. As we build on the unique strengths of our business, we are unlocking sustained long-term growth for all our stakeholders. I'd like to say a big thank you to all our colleagues for their continued hard work and commitment. Their focus on delivering consistently great service has once again been key to our performance. Before opening the call to your questions, I would like to take a few moments to run through some of the highlights of the quarter. Like-for-like sales in the UK grew by 1.8% against a particularly strong comparative period last year, which benefited from record-breaking weather and disruption at some of our competitors. This was also reflected in market share. where we broadly held our own across the quarter and saw a small decline in the latest four-week read, as we started to lap the strong comparative. Fresh food led the performance, with like-for-like sales growth of 3.6%. Finest also remained strong, with sales up 9%. Online continues to grow strongly, with sales up 8.9%, including another strong contribution from Woosh, where sales grew by over 30%. Alongside a further expansion of Woosh's to more households, we also rolled out a book-for-later option, giving customers more choice and flexibility ...