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Tesco (LSE: TSCO) 1Q20 Trading Update: UK Comps Decelerate, Central Europe Sales Continue to Slide

Executive Summary

  • Tesco reported 1Q20 group sales of £13.98 billion, up 0.4% at constant exchange rates and as reported. Group comps were below consensus.
  • The company’s UK same-store sales grew 0.4%, compared to 1.7% growth in the previous quarter and missing the consensus of 0.8%.
  • Declining sales in Poland, store closures, fewer trading days and cooler weather across the region negatively impacted Central Europe sales.

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