TIDMTSCO
RNS Number : 2804Y
Tesco PLC
13 January 2022
Q3 and Christmas Trading Statement 2021/22
STRONG CHRISTMAS PERFORMANCE SUPPORTED BY UNWAVERING COMMITMENT
TO VALUE .
Our sales performance(1) (exc. VAT, exc. fuel) for the 19 weeks
ended 8 January 2022 is detailed below:
One-year LFL Two-year LFL
Q3 + Christmas = 19 weeks Q3 + Christmas = 19 weeks
UK & ROI +2.3% +2.7% +2.4% +8.2% +9.2% +8.6%
UK +0.2% +0.3% +0.2% +6.9% +8.8% +7.5%
ROI (3.3)% +0.3% (2.1)% +7.8% +13.0% +9.6%
Booker +16.2% +20.5% +17.5% +16.7% +10.8% +14.8%(2)
Central Europe +3.1% +8.1% +4.9% +3.9% +3.6% +3.8%
------------------- ------------- ---------- ----------- ------------- ---------- -----------
Group Retail +2.4% +3.2% +2.6% +7.9% +8.7% +8.2%
UK: Continuing strong momentum - further growth on top of exceptional performance last year
-- Highest share in 4 years; growing share both in stores &
online; 22 consecutive periods' switching gains(3)
-- Brand index up 177bps(4) driven by market-leading
improvements in value perception (+199bps(4) ) and quality
perception (+149bps(4) )
-- Strong large store and convenience performance; online sales
remain significantly ahead of pre-COVID levels (19wk 2-yr LFL
+58.7%) with c.1.2m orders per week; highest online share since
pandemic began
-- Over 95% promotional sales now on Clubcard Prices; 8.5m
customers now accessing Clubcard via app
-- Tesco Whoosh superfast home delivery service now in >100
stores; Bradford UFC opening next week
ROI: Sales up strongly on two-year basis; one-year growth on top
of exceptional Christmas last year
-- Highest share growth in market over Christmas period(5)
including strong online performance
-- Announced intention to acquire ten Joyce's Supermarkets in
Galway(6)
Booker: Both Retail & Catering sales well ahead of pre-COVID
levels (19wk 2-yr LFL Retail: +19.5%, Catering: +8.8%)
-- Retail sales supported by strong availability; Premier,
Londis & Budgens performing particularly well
-- Strong Catering growth for 19wk period on both 1-yr and 2-yr
basis despite Omicron impact
CE: Market outperformance, particularly in the Christmas period
-- Year-on-year easing of COVID restrictions enabled customers
to access full strength of our offer
-- Customers responded well to our core food proposition;
significant increase in clothing and GM sales
Bank: Sales +33.6%, driven by the full ownership of Tesco
Underwriting(7) this year. Excluding Tesco Underwriting, sales
declined (5.9)% due to reduced income from lower unsecured lending
balances YoY
Outlook: As a result of stronger than expected sales to date, we
now expect retail operating profit slightly above the top-end of
our previous GBP2.5bn to GBP2.6bn guidance range; we expect Bank
operating profit to be between GBP160m and GBP200m, due to the
effect of more favourable economic forecasts on our provision for
expected credit losses
Ken Murphy, Chief Executive:
"We are delighted that we were able to help our customers have a
great Christmas. Despite growing cost pressures and supply chain
challenges in the industry, we continued to invest to protect
availability, doubled down on our commitment to deliver great value
and offered our strongest ever festive range. This put us in a
strong position to meet customers' needs as, once again, COVID-19
led to a greater focus on celebrating at home. As a result, we
outperformed the market, growing market share and strengthening our
value position.
The entire Tesco team is at its best when it is delivering for
customers and we are really pleased that so many customers who were
new to Tesco during the pandemic have remained with us - either
continuing to shop online or becoming regular in-store customers.
This reflects the hard work and commitment of our fantastic
colleagues and I want to thank every single one of them for the
incredible contribution they make every day."
Contacts .
Investor Relations: Chris Griffith 01707 940 900
Media: Simon Rew 0330 678 0639
Nick Claydon, Teneo 07974 982 547
A call for investors and analysts will be held today at 8:45am.
A link will be available on our website at
www.tescoplc.com/investors . A transcript and playback facility
will also be made available after the call.
We will report our full year results on Wednesday 13 April
2022.
Channel sales breakdown .
One-year LFL Two-year LFL
Q3 + Christmas = 19 weeks Q3 + Christmas = 19 weeks
Large +2.7% +1.9% +2.4% +2.7% +4.6% +3.3%
Convenience +2.8% +2.6% +2.7% +0.3% (0.0)% +0.2%
Online (12.6)% (11.3)% (12.2)% +56.1% +64.6% +58.7%
--------------- ------------- ---------- ----------- ------------- ---------- -----------
Total UK +0.2% +0.3% +0.2% +6.9% +8.8% +7.5%
Additional sales detail .
19 weeks to 8 Sales One-year sales One-year sales
Jan 2022 change change
(exc. VAT, exc. GBPm (constant rates) (actual rates)
fuel)
UK & ROI 18,615 +2.7% +2.4%
UK 14,787 +0.6% +0.6%
ROI 937 (1.8)% (7.5)%
Booker 2,891 +16.9% +16.9%
Central Europe 1,474 +5.2% +0.7%
------------------ ------- ------------------ ----------------
Group Retail 20,089 +2.9% +2.3%
Tesco Bank 349 +33.6% +33.6%
------------------ ------- ------------------ ----------------
Group 20,438 +3.3% +2.7%
Fuel sales .
Sales One-year LFL Two-year LFL
GBPm Q3 + Christmas = 19 weeks Q3 + Christmas = 19 weeks
UK exc.
fuel 14,787 +0.2% +0.3% +0.2% +6.9% +8.8% +7.5%
Fuel 2,447 +34.1% +44.8% +37.2% (4.0)% +3.2% (1.9)%
UK inc.
fuel 17,234 +4.1% +4.5% +4.3% +5.1% +8.0% +6.0%
Notes .
1. These results have been reported on a continuing operations
basis and exclude the results from our business in Poland, which
was sold on 16 March 2021. Two-year like-for-like sales growth is
calculated by comparing current year sales to sales in 2019/20,
including sales from those stores which were trading in both years.
Sales change shown at constant rates, unless otherwise stated.
2. Best Food Logistics was acquired by Booker in early March
2020 and is therefore included within like-for-like sales
performance on a one-year basis but not included on a two-year
basis.
3. Source: Kantar, Grocers' Total Till Roll market share for 12
w/e 26 December 2021. Kantar switching gains for 12 w/e 26 December
2021.
4. YouGov Brand index, Value perception and Quality perception
year-on-year growth to 2 January 2022, 12 week rolling basis.
5. Source: Kantar, Total Take Home Grocery YoY market share growth for 4 w/e 26 December 2021.
6. Pending approval of the Competition and Consumer Protection Commission (CCPC).
7. On 4 May 2021 we completed the acquisition of Ageas's 50.1%
stake in Tesco Underwriting. Tesco Underwriting's sales are now
fully consolidated within Bank results.
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END
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January 13, 2022 02:00 ET (07:00 GMT)
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