Tesco share price: Grocer rated as second-worst instore supermarket

on Feb 16, 2017
Updated: Oct 21, 2019

Tesco (LON:TSCO) has been rated by shoppers as one of the worst instore supermarkets in the UK, beating only rival Asda, in a survey by consumer group Which?. The news comes after it emerged last week that the FTSE 100 group’s customers were being overcharged by offers which have expired but are still advertised on the shelves.

Tesco’s share price has been steady in London this morning, having inched 0.15 percent higher to 197.15p as of 08:33 GMT, outperforming the benchmark FTSE 100 index which currently stands 0.21 percent higher at 7,286.98 points. The group’s shares have gained just under 10 percent over the past year, but have given up more than four percent in the year-to-date.
Tesco (LON:TSCO) took the eighth place in a Which? customer satisfaction survey, beating only Asda, as shoppers rated stores based on their experience in the past six months on categories such as quality, value for money, how easy it was to find products, and whether shoppers would recommend the retailer to a friend. Waitrose meanwhile took the top spot, followed by Marks & Spencer (LON:MKS).

“With concerns over rising prices the competition among supermarkets is fiercer than ever,” Richard Headland, Which? magazine editor, commented in a press release. Sky News noted in its coverage of the survey that Tesco’s as well as peer Sainsbury’s (LON:SBRY) scores had suffered due to low ratings on price.
The survey comes after a BBC investigation over the weekend revealed that shoppers at Tesco were overcharged at two-thirds of stores visited by an undercover reporter, with expired multi-buy promotions marked on the shelf but not applied at tills.
In analyst news, HSBC reiterated its ‘buy’ stance on Tesco yesterday, valuing the shares at 260p. According to MarketBeat, the blue-chip grocer currently has a consensus ‘hold’ rating and an average price target of 202.15p.
As of 09:02 GMT, Thursday, 16 February, Tesco PLC share price is 196.80p.

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