UK supermarket Tesco has released its 2023/24 trading statement, reporting a strong market share at 27.1% and particularly strong sales in their large stores.

Tesco reported that its UK year-on-year sales are up 9%, while online market sales have increased by 8.2%.

The report states that Tesco price cuts have led the market in reducing prices on essential items to support customers. The ‘Low Everyday Prices’ price-lock has gained a strong volume response, with over 1,000 products holding their price under the programme. Clubcard prices are now also available on over 8,000 lines.

Inflation is starting to ease

Tesco chief executive Ken Murphy said: “We are pleased with our performance in the first quarter, underpinned by our relentless focus on value. Customers continue to recognise our leading combination of great value and quality in every part of their basket – from essentials covered by our Aldi Price Match, through to our growing Finest range.

“We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items. There are encouraging early signs that inflation is starting to ease across the market and we will keep working tirelessly to ensure customers receive the best possible value at Tesco.

“The ongoing effort and contribution from our colleagues is evident in the strength of our offer and I want to thank the entire team for everything they do. By focusing on our customers we have delivered a strong start to the year. We are well-positioned for the months ahead and are reiterating our guidance for the full year.”