Tesco gets boost as sales defy expectations ahead of AGM

But shareholder revolt still likely over pay for former executives as Tesco seeks to put scandal behind it

Tesco
(Image credit: Getty)

Embattled supermarket group Tesco has received a much needed boost ahead of its potentially rancorous annual meeting later today, with its reported first quarter sales significantly ahead of analyst expectations.

In a trading update published to the market this morning, the group reported a decline in like-for-like sales in the UK of 1.3 per cent for the three months to the end of May, an improvement on the decline of 1.7 per cent in the preceding period and well ahead of declines last year, which were in excess of five per cent. Consensus among analysts had been for a 2.5 per cent decline.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More