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Tesco (TSCOLN; Baa3, BBB-, BBB-; S) Q1 (3m ending May) Trading update

CONSUMER STAPLES

1Q results are firm/in-line & FY guidance (12m to Feb) is unch at adj. retail operating profit >£2.8b and FCF of £1.4-£1.8b. Cheap views on the €31s and new £34s still valid.

Group retail LFL sales +3.4% to £15.3b.

  • UK retail: +4.6% to £11.4b, market share gains +52bps to 27.6%. Food sales up +5% "including strong volume growth", non-food +0.7% driven by clothing. Online up +8.9% on volume and Whoosh (its delivery service).
  • Booker: -1.3% to £2.2b, tobacco -5.2%, retail ex. tobacco +1.0%, core catering +2.2%.
  • Central Europe; +0.6% to £0.98b, food volumes +2.8%.
  • Republic of Ireland: +4.4% to £0.7b, market share +59bps, food sales +5.1%.

Tesco bank revenue £271m and only includes retained insurance and money services business. UK fuel -4.4% to £1.6b.

Earnings call 9am, 1H results (6m to August) comes 3rd of October.
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