Tesco (LON:TSCO) is expanding its range of single-portion foods, targeting the growing number of Britons who live or eat alone, the Guardian has reported. The move comes amid the ongoing UK supermarket war.
Tesco’s share price has climbed into positive territory this morning, having inched 0.34 percent higher to 260.99p as of 10:25 BST. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.25 percent higher at 7,636.54 points. The group’s shares have added a little more than 53 percent to their value over the past year, as compared with about a 3.9-percent gain in the Footsie.
Tesco expands single-portion foods range
The Guardian reported on Friday that Tesco had increased the size of its single-serve range by nearly 40 percent this year to 430 products. The grocer sells solitary beef burgers and steak fillets, hand-sized packets of new potatoes and broccoli, as well as shrunk-down bottles of sauvignon blanc.
“It’s about offering choice,” Kate Ewart, Tesco’s head of product development, explained, as quoted by the newspaper. “Time-pressed customers want to find healthy, quick and convenient meals in the size that matches the occasion.” The Guardian notes that the meals-for-one market is worth more than £20 billion.
Last week, Tesco unveiled a long-term partnership with France’s Carrefour as it looks to increase savings amid the ongoing grocery price war.
Analysts on Britain’s biggest supermarket
The 16 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 275.00p on the shares, with a high estimate of 300.00p and a low estimate of 200.00p. As of July 6, the consensus forecast amongst 22 polled investment analysts covering the blue-chip group has it that the company will outperform the market.