(Bloomberg) -- Tesco Plc started the financial year on a downbeat note as the U.K.’s largest retailer said sales were held back by a subdued domestic consumer market.
- Comparable sales in the U.K. rose 0.4% in the first quarter, well below the 0.8% increase analysts expected.
- Tesco has used its scale to hold down prices, limiting the fallout from Brexit and a shift to online shopping that have hit other retailers. But the latest results show it’s not immune.
- The company suffered from comparisons against a particularly strong period last year, when it benefited from warm weather and a royal wedding. The Booker wholesale division, which has been driving growth, continues to expand but was also held back by a similar effect after securing contract wins last year.
- Tesco’s shares have climbed 20 percent so far this year.
- For more on the results, click here.
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