Strong Performance for Booker Helps Tesco in U.K.; Strategic Growth Initiatives Begin to Bear Fruit
Tesco has reported its first-quarter trading update for the 13 weeks to May 26, 2018, with group like-for-like sales, excluding fuel, up 1.8%, in line with our expectations. We maintain our no-moat rating and our fair value estimate for now, as we'd prefer to see more evidence regarding the integration of Booker before reassessing Tesco's position in this emerging U.K. food retail landscape (following the J Sainsbury-Asda proposed merger). Shares are currently moderately ahead of our GBX 230 fai...Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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