Tesco share price: Grocer launches loyalty promo after scrapping Clubcard Boost

Tesco (LON:TSCO) has launched its first Clubcard loyalty promo following the recent shake-up of the scheme. Earlier this year, the UK’s biggest grocer scrapped the Clubcard Boost scheme.

Tesco’s share price has surged in today’s session, having gained 2.48 percent to stand at 169.40p as of 14:17 BST. The shares are outperforming the benchmark FTSE 100 index which has climbed marginally into positive territory and is currently 0.27 percent better off at 6,701.20 points. The grocer’s shares have lost more than 18 percent of their value over the past year, but have recovered more than 13 percent in the year-to-date.

Tesco announced in a statement today that from 15 -18 July, customers will be able to earn double Clubcard points in store, online and at the supermarket’s petrol filling stations. The move will see customers earn two points per £1 spent in store and online, and two points per £2 spent on fuel.
“As part of our ongoing plans to serve Britain’s shoppers a little better every day, we want to help them get the most out of Clubcard by making it more simple, straightforward and appealing,” Tesco’s chief customer officer Robin Terrell said in the statement.
The new promotion comes after the blue-chip grocer cancelled its ‘Clubcard Boost’ scheme in April, with the move seen as a blow to families saving their Clubcard points to pay for seasonal occasions such as Christmas.
In analyst news, Credit Suisse remains bearish on Tesco, reiterating its ‘underperform’ rating on the stock last week, with a price target of 115p. Deutsche Bank, which sees the blue-chip grocer as a ‘hold,’ meanwhile lowered its valuation on the shares from 195p to 185p.
As of 15:03 BST, Tuesday, 12 July, Tesco PLC share price is 169.90p.