Tesco Earnings: Market Share Gains and Fresh Buybacks Cap Off a Solid Year
Tesco announced preliminary fiscal 2024 results that included retail sales up 10.9%. Sales in the UK and the Republic of Ireland were up 7.7% and 6.8%, respectively, with Booker up 5.4%. Catering sales were up 10.2%, and retail sales were up 11%. From a channel perspective, large stores continued to perform strongly, with sales growing 8.2% in the period versus 4.5% sales growth for convenience stores and 10.4% sales growth for the digital channel, which was around 13% of UK sales. Tesco said it achieved strong market share gains in the UK, up 28 basis points year on year to 27.6%, and in Ireland, up 73 basis points to 23.6% at the end of the year.