Tesco share price: Grocer to launch ‘affordable’ ethical chicken

Tesco share price: Grocer to launch ‘affordable’ ethical chicken

Tesco (LON:TSCO) is set to launch the first ‘affordable’ ethical chicken, The Times has revealed. The move comes amid the ongoing supermarket war, with the latest Kantar Worldpanel data showing that sales at Britain’s biggest grocer shrunk by 1.6 percent in the 12 weeks to August 11.

Tesco’s share price rose marginally on Friday, gaining 0.18 percent to 219.20p, marginally underperforming the broader UK market, with the benchmark FTSE 100 index adding 0.32 percent to close at 7,207.18 points. The grocer’s shares have given up a little more than 11 percent of their value over the past year, as compared with about a four-percent fall in the Footsie.

‘Affordable’ ethical chicken

The Times reported this morning that Tesco is to launch the first ‘affordable’ ethical chicken after being accused of selling birds that spend their final days in agony. The chicken will come from slower growing breeds which do not suffer the welfare problems of standard intensively farmed chickens, which grow so fast that they can collapse under their own weight.

The move comes after the newspaper revealed last month that Britain’s biggest grocer was one of several retailers supplied by companies which own farms where fast growing birds were shown on undercover footage appearing to struggle to stand or walk.

The Guardian reported last month that the blue-chip grocer had also  pledged to step up its efforts in the battle against single-use plastic with measures which include banning brands using excessive packaging from the supermarket chain.

Analysts on FTSE 100 grocer

The 15 analysts offering 12-month targets for the Tesco share price for the Financial Times have a median target of 280.00p, with a high estimate of 315.00p and a low estimate of 220.00p. As of August 30, the consensus forecast amongst 23 polled investment analysts covering Britain’s biggest grocer has it that the company will outperform the market.

By Tsveta van Son
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a MA degree in Nordic Studies from Sofia University and has also attended the University of Iceland. While she covers a variety of investment news, she is particularly interested in developments in the field of renewable energy.
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