Tesco share price: Grocer tied with SuperValu for top spot in Ireland
Tesco (LON:TSCO) is now tied with SuperValu as Ireland’s biggest supermarket, the latest industry numbers have revealed. The news marks a boost for the FTSE 100 grocer which continues to feel pressure from German discounters Aldi and Lidl at home.
Tesco’s share price has been subdued in London in today’s session, having given up 0.42 percent to 188.10p as of 14:33 BST, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.07 percent higher at 7,528.81 points. The group’s shares have lost more than 10 percent of their value over the past year, and are down by some nine percent in the year-to-date.
Tesco in Ireland
Kantar Worldpanel Ireland revealed today in a statement that Tesco’s sales growth of 4.2 percent had boosted the group’s share of the market to 22 percent in the 12 weeks ended October 8, marking an increase of 0.4 percentage points from this time last year. Britain’s biggest supermarket is now tied for the top spot with SuperValue, whose market share also stood at 22 percent during the reported period.
“It’s tight at the top for Tesco and SuperValu,” David Berry, director at Kantar Worldpanel, commented in the statement, pointing out that both retailers had benefited from customers spending more each time they shop.
“Though SuperValu has seen consumers spend an additional 40 cents per basket on average, Tesco has encouraged its shoppers to add an extra €1 to every shop,” Berry added.
Tesco meanwhile continued to lose market share at home during the reported period. Kantar Worldpanel revealed last week that the group’s market share in the UK had dipped 0.3 percentage points to 27.9. Sales at Britain’s biggest supermarket, however, rose by 2.1 percent.
As of 15:08 BST, Monday, 23 October, Tesco PLC share price is 187.55p.