Free Trial

Tesco (TSCOLN; Baa3/BBB-/BBB-) Kantar Data

CONSUMER STAPLES
  • UK grocery sales increased +2.2% over the month ending 7th July.
  • Beer sales were +13% and snacks +5% on days England football team was playing (vs. the prior week).
  • Given many games were on school days, non-alcohol was the winner at +38% (Carlsberg acquiring Britvic will be happy if that trend continues).
  • Prices were +1.6% - lowest since Sept 2021 - while footfall rose +2%.
  • Tesco has a 27.7% market share now and made it's biggest gain since Nov 2021 at +0.7ppt yoy.
  • We have been long been constructive on Tesco €31s at Z+104/B+143 on pickup vs. peers like Carrefour and on the 29/31s spread. Latter has flattened 13bps since early June.
  • Pressor here.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.