Tesco share price is languishing, a week after the supermarket chain released a relatively modest quarterly update. The shares are...
Tesco share price
TESCO Plc (LON: TSCO) is a British retailer specializing in retail grocery sales combined with general merchandise sales. The retailer has operations in five other European countries and is the leading grocery retailer in the UK with a 28.4% market share.
Jack Cohen founded TESCO in 1919 as a group of market stalls in London. Cohen started using the TESCO name in 1924 after buying a tea shipment from T.E. Stockwell, which accounts for the first three letters of TESCO. The first TESCO shop was opened in 1931.
The retailer’s recent financial performance has cemented its position as a market leader in the UK as its recent half-year revenues and profits beat analysts’ expectations. The retailer even launched a £500 million share buyback program to reward its shareholders after the excellent earnings.
What is Tesco?
TESCO is the UK’s largest supermarket chain and can be a solid indicator of consumer demand in the country. However, the retailer’s consumer retail business was hit by the reopening of the British economy, which saw many people venture out and eat in restaurants instead of at home.
The retailer’s wholesale business operating under the Booker brand has witnessed resurgent demand driven by the reopening of eateries and restaurants. As a result, Tesco continues to thrive while many other grocery retailers were negatively affected by the easing of most lockdown restrictions in the UK.
Tesco latest news
Tesco share resumed a downward trend after Friday’s positive session. Tesco shares traded lower for eight straight sessions the previous two weeks. Despite the impressive rise in sales for the first quarter,
Tesco share price is dipping today. Sign up to find out why.
Tesco share price is up today after it announced that it would launch its version of the UK government's "Eat Out to Help Out" campaign. This news was able to help Tesco share price gain 1.15% on the day even though the supermarket chain did some product recalls along with other supermarkets in the UK.
Tesco share price gains as Eat Out to Help Out campaign gains traction. Sign up to find out how Tesco share price will react to this.
What has happened to Tesco share price today? Sign up here to find out.
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Tesco share price is up today after the company was announced as one of the major UK food brands to...