Iran war uncertainty cuts Tesco revenue growth in half

At Tesco, like-for-like sales in the UK rose by 1.8% last quarter (through the end of May), less than half the rate of the previous quarter. High fuel prices are taking a toll on the British market leader, as is the weather—which was less sunny than last year and less conducive to (garden) parties.

Slower growth in home market

The UK’s largest retailer reported comparable sales of 13.4 billion British pounds (15.8 billion euros) in the three months ending in May. That is significantly lower than the 4.2% growth recorded in the previous quarter. Online sales, however, rose by 8.9%, driving total group sales up by 1%.