Tesco (LON:TSCO) has moved to scrap the ‘Best Before’ consumption guidance dates on nearly 70 fruit and vegetable lines, the blue-chip grocer has said. The move comes as Britain’s biggest supermarket looks to cut food waste.
Tesco’s share price surged in the previous session, adding 1.87 percent to 250.40p, outperforming the broader market rally, which saw the benchmark FTSE 100 index gain 1.03 percent to 7,859.17 points. The group’s shares have added more than 37 percent to their value over the past year, as compared with about a 5.2-percent rise in the Footsie.
Tesco looks to cut waste
Tesco announced in a statement yesterday that it would remove ‘Best Before’ consumption guidance dates off nearly 70 fruit and vegetable lines, including apples, potatoes, tomatoes, lemons and other citrus fruit and onions. ‘Best Before’ labels are put on foods by retailers as a quality indication to show that although they are no longer at their best they are still good to eat.
“We know some customers may be confused by the difference between ‘Best Before’ and ‘Use By’ dates on food and this can lead to perfectly edible items being thrown away before they need to be discarded,” Tesco Head of Food Waste Mark Little explained in the statement, adding that the grocer had made the change to fruit and vegetable packaging as they were among the most wasted foods.
Analysts on supermarket
The 15 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 265.00p on the shares, with a high estimate of 290.00p and a low estimate of 200.00p. As of May 18, the consensus forecast amongst 22 polled investment analysts covering the blue-chip grocer has it that the company will outperform the market.