UK Retail - comment

Tesco continue their market share gain, adding a further 52bps of market share as Tesco continue to see customers switch from M&S and Waitrose.  More importantly, from an industry level, Tesco seen food sales up 5% with shoppers shopping more often and increasing their basket size.   This phenomenon should be replicated across the industry, including Iceland, Morrisons and Asda.  Tesco do not disclose any margin figures at their Q1 results but have reconfirmed their FY24/25 guidance.