Tesco says it is “committed to keep winning with customers” and enhancing its value proposition, leaning into Clubcard growth.
Tesco plans to use “flexibility and firepower” to respond to challenging business conditions and the “competitive intensity of the UK market”, as it revises its profit outlook.
“We’re seeing a very competitive market and we’ve, I think, led the charge in terms of making sure customers get great value with Tesco,” said CEO Ken Murphy on a media call today (10 April) discussing the retailer’s 2024/25 preliminary results.
Murphy claimed extra competitiveness in the market is being driven by a “reaction” to Tesco’s “positive share gains”. The retailer’s UK market share reached its highest level since 2016, up 67 basis points year-on-year to 28.3%, prompting Tesco to dub itself the “cheapest full line grocer throughout the year”.
