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Tesco bullish about year ahead, gains market share

STORY: Tesco said Friday it was 'well positioned' and set to hit its targets for the year.

It also reported a 4.6% rise in underlying quarterly sales in its home market.

CEO Ken Murphy said the firm's market share was growing more than at any time in the past two years.

He argued customers were switching to Tesco from other retailers.

The update contrasts with other recent subdued retail data in the UK.

Wet weather and an ongoing cost-of-living crisis hurt consumer spending in May.

One survey published early June showed the weakest spending growth in more than three years.

Tesco is benefiting from its strategy of matching the prices of discounter Aldi on key items.

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Its Clubcard loyalty scheme is also popular as it gives lower prices to members.

Tesco said total sales over its fiscal first quarter were just under $19.5 billion - up 3.4% on a like-for-like basis.

Tesco kept unchanged its forecast for full-year retail adjusted operating profit.

Its shares are up 15% over the last year, and rose as much as 1.5% Friday morning.