“Tesco is now consistently the cheapest full-line grocer,” says CEO
Tesco CEO Ken Murphy said that Tesco is “committed to doing everything [it] can to drive down food bills” and “is now consistently the cheapest full-line grocer.”
Murphy’s comments are part of the UK supermarket’s 2023/24 Interim Results Trading Statement, which boast significant profits and decreased consumer costs despite lingering cost-of-living concerns.
Republic of Ireland (ROI) and UK like-for-like (LFL) sales were up 8.4% in H1 2023/24, while the retail adjusted operating profit sat at £1,417 million, up 13.5% at constant rates.
Statutory revenue was reported at £34.1 billion and was up 5% at actual rates.
Murphy added: “Our investments in value, and in improving more than 1,100 own brand products from pasta to fresh fish, are helping us to offer outstanding quality at great prices, all underpinned by market-leading availability. Customers are responding well, contributing to market share gains in store and online.
“Food inflation fell across the half and while external pressures remain, we expect that it will continue to do so in the second half of the year. We are in a strong position to keep investing for customers, and will continue to lower prices wherever we can.”
Tesco stated that it had saved customers up to £390 per year by placing Clubcard Prices on more than 8,000 products in store, and boasted a further average saving of 12% on 2,500 products.
It launched 335 brand new products, and advertised the reformulation of another 1,150 products.