Tesco share price: Grocer behind SuperValu in Ireland

Britain’s biggest grocer continues to build on strong start to year

Tesco share price: Grocer behind SuperValu in Ireland

Tesco (LON:TSCO) secured the second spot in the Irish grocery market in the 12 weeks ended April 22, the latest numbers from Kantar Worldpanel Ireland have revealed. The news follows the latest data for the UK, which showed Britain’s biggest supermarket performed strongly during the same period, growing sales by 2.1 percent.

Tesco’s share price has been steady in London in today’s session, having added 0.29 percent to 240.60p as of 09:41 BST. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.44 percent higher at 7,598.79 points. The grocer’s shares have added just under a third to their value over the past year, as compared with a 3.45-percent gain in the Footsie.

Tesco grows sales in Ireland

Kantar Worldpanel Ireland announced in a statement yesterday that Tesco had secured the second spot in Ireland with a 22.2-percent share of the market, falling behind leader SuperValu with 22.3 percent.

“Tesco has continued to build on its strong start to 2018.  Overall sales are up by 6.1%, almost twice that of the market as a whole,” Douglas Faughnan, consumer insight director at Kantar Worldpanel, commented in the statement, adding that while the grocer’s performance in Dublin was strong, “the rest of Leinster contributed the most to growth, with the retailer‘s share jumping from 26.1% to 28%”.

Analysts on blue-chip grocer

The 14 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 262.50p on the shares, with a high estimate of 290.00p and a low estimate of 200.00p. As of May 4, the consensus forecast amongst 22 polled investment analysts covering the blue-chip grocer has it that the company will outperform the market.  

As of 10:04 BST, Wednesday, 09 May, Tesco PLC share price is 240.90p.

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