Price wars fail to slow the Tesco juggernaut

TESCO shows no signs of “losing its grip” as the UK’s biggest supermarket, despite price wars and higher business costs, experts say. Investors will hope to see sustained sales growth in half-year financial results on Thursday.

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Group sales rose 4.6% year-on-year in the first quarter following growing demand for own-brand and premium products, while its share of the UK grocery market has risen steadily, picking up 0.8 percentage points in the past year, to 28.4%, according to Worldpanel by Numerator. Tesco shares are at their highest price in more than a decade as a consequence.