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Tesco share price: Grocer returns to top spot in Ireland

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Tesco (LON:TSCO) has returned to the top spot in Ireland in the 12 weeks ended May 20, the latest Kantar Worldpanel data has revealed. The news comes ahead of the blue-chip grocer’s results next week when the company is expected to unveil that its sales growth slowed down in the first quarter of its financial year.

Tesco’s share price has inched higher in today’s session, having added 0.20 percent to 247.70p as of 13:30 BST. The shares, however, are marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.37 percent lower at 7,715.28 points.

Tesco takes top spot in Ireland

Kantar Worldpanel Ireland announced in a statement yesterday that Tesco had reclaimed the top spot in the country on its own for the first time in more than two years in the 12 weeks ended May 20, with an overall share of 22.3 percent. Britain’s biggest supermarket grew sales by 4.5, far ahead of the overall market which saw sales growth of 2.8 percent.

“A strategic emphasis on volume sales, particularly through its private label offering, has been key to Tesco becoming Ireland’s biggest grocer once again,” Douglas Faughnan, consumer insight director at Kantar Worldpanel, commented in the statement. “While value sales are robust, growing at 4.5 percent on last year, volume performance has been even stronger.”

Faughnan further noted that the grocer’s own label range had been “at the centre of its performance, now accounting for more than half of overall sales following double digit growth this period”.

Analyst ratings update

Citigroup reiterated its ‘buy’ rating on Tesco today, without specifying a price target on the shares. According to MarketBeat, the blue-chip grocer currently has a consensus ‘hold’ rating on the stock and an average price target of 235.93p.

As of 13:49 BST, Wednesday, 06 June, Tesco PLC share price is 247.50p.

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