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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Tesco’s food sales rise as inflation falls.

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Creator: JASON CAIRNDUFF

Due to increasing demand for fresh produce, food sales rose 5%.

Tesco Finest sales increased “strongly” as buyers sought premium products.

Kantar reported that the firm’s market share climbed more than 50 basis points to 27.6% in the 12 weeks to 12 May year over year.

Tesco expects to meet its April target of £2.8bn in operational profit for the current financial year due to sales patterns.

“Strong volume growth”

Tesco CEO Ken Murphy said: “We’ve continued to build momentum in the business, with strong volume growth across the UK, Republic of Ireland and central Europe supported by easing inflation.”

He said “Our market share reflects this, growing more than at any other time in the past two years, with customers switching to us from other retailers, shopping with us more often and with more in their baskets.”

The results announcement preceded the retailer’s annual general meeting, when Mr. Murphy was expected to be questioned after getting £9.93m last year.

In comparison to the previous financial year’s £4.44m total pay contract, the boss was paid 431 times the average Tesco worker’s wage, £23,010.

Murphy remarked, “I absolutely accept that I’m well paid.”

Mr. Murphy said he was “not unduly worried” by the Labour Party’s proposal to impose new workers’ rights if it wins next month’s election after the trading report.

Tesco employs 270,000 Brits, making it the largest private sector employer.


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