Tesco retail sales growth almost grinds to a halt

Tesco's group retail sales rose by just 1 per cent in the three months to the end of May as the UK's biggest supermarket started to run into stiffer comparative sales figures from the start of the pandemic last year. UK sales, which account for the vast majority of total revenue, were up 0.5 per cent in the first quarter of the company's financial year, although they were 9.3 per cent ahead of the corresponding months in 2019. The reopening of the hospitality industry in mid-May helped sales at Booker, the group's wholesale arm, rise by 9.2 per cent. Revenue from Tesco's bank was down 10 per cent while stores in central and eastern Europe recorded a 1.6 per cent decline. Fuel sales remain 15.2 per cent below their pre-pandemic level.

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