By Elena Vardon

Tesco on Friday said its like-for-like group retail sales grew 8.2% in the first quarter of fiscal 2024 boosted by volumes and inflation, and reiterated its guidance for the full year.

The British grocer posted 14.83 billion pounds ($18.98 billion) in group retail sales excluding value-added tax and fuel for the 13 weeks ended May 27. Including Tesco Bank and retail, total sales were GBP15.17 billion, it added.

Sales in the U.K. rose 9.0% on a like for like basis in the period, it said, adding that in Central Europe, they edged up 1.1%.

The FTSE 100 group said it maintained 27.1% of market share in the U.K.

Tesco backed its guidance for the year and sees retail adjusted operating profit for fiscal 2024 at around the same level as the GBP2.49 billion it reported for the year ended Feb. 25, while Tesco Bank adjusted operating profit is seen between GBP130 million and GBP160 million.

"There are encouraging early signs that inflation is starting to ease across the market," said Chief Executive Ken Murphy, adding that the group is well-positioned for the months ahead.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

June 16, 2023 02:38 ET (06:38 GMT)

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