Tesco's UK sales growth slowed to 1.8% in Q1, down from 4.2% previously, citing "ongoing uncertainty for many households" due to the Middle East conflict and higher fuel prices. Despite the slowdown, online sales rose 8.9%, and group sales were up 1% to £16.8bn. The retailer expects to meet annual profit expectations.
Tesco CEO Ken Murphy stated that rainy spring weather significantly impacted UK grocery sales more than the World Cup or Middle East conflict. Sales growth slowed to 1.8% in Q1, below expectations, with sunshine boosting consumer spending and football wins causing only temporary, smaller sales spikes.
Italian brand Mutti is set to become the UK's largest non-supermarket tinned tomato brand, challenging Napolina with a focus on taste and a £6m marketing campaign. Despite the cost of living crisis, sales have risen, driven by a shift towards home cooking and quality ingredients.
Chery's Jaecoo 7 became the UK's best-selling car in March, with 10,064 units sold, marking a significant milestone in Chinese automotive manufacturers' aggressive European expansion. The partly state-owned Chinese company, founded in 1997, has a cost advantage of around $8,000 per vehicle compared to European rivals, with materials costs 40% higher and labor costs four times higher in Europe. While the EU imposed 20.7% tariffs on Chinese electric cars, it notably excluded hybrids, allowing PHEVs to flood the market – with 75% of Chery's UK sales being plug-in hybrids.
