Tesco (LON:TSCO) saw its grocery sales in Ireland rise three percent in the 12 weeks to June 16, the latest Kantar Worldpanel numbers have shown. The update comes after the latest Kantar data pointed to flat sales at home at Britain’s biggest supermarket during the same period.
Tesco’s share price has been steady in London in today’s session, having gained 0.39 percent to 232.30p as of 10:00 BST, largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.33 percent higher at 7,522.01 points. The supermarket’s shares have given just under 10 percent of their value over the past year, as compared with about a 0.5-percent fall in the Footsie.
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Tesco sales in Ireland rise
Kantar Worldpanel announced in a statement yesterday that the Irish grocery market had remained buoyant in the face of inclement weather, with sales rising 4.6 percent in the 12 weeks ended 4.6 percent. At Tesco, the average customer made one additional trip to the retailer in the most recent 12 weeks compared with last year, contributing to growth of three percent. Kantar, however, also noted that while there has been an increase in how often shoppers visit, this has been tempered by them spending €0.80 less each time.
“Tesco has successfully cashed in on Irish shoppers’ appetite for soft drinks this period, with carbonated beverages and mineral water growing by 17.5 percent and 11.9 percent respectively,” Kantar said in the statement.
Analysts on FTSE 100 grocer
The 13 analysts offering 12-month targets for the Tesco share price for the Financial Times have a median target of 276.00p, with a high estimate of 315.00p and a low estimate of 220.00p. As of June 28, the consensus forecast amongst 22 polled investment analysts covering the blue-chip group has it that the company will outperform the market.