2025-06-12-花旗集团-乐购（TSCO）_乐购（TSCO.L）_2026年第一季度业绩强劲_英国同店销售额增长5.1_所有业务部门的交易情况好于预期；2026财年预期指引不变_12页_287kb

Tesco (TSCO.L) Q1 2026 Results Summary

Key Financial Performance

• Full Year 2025-2026 Guidance Unchanged: Group EBIT range set between £2.7bn and £3.0bn, Free Cash Flow range between £1.4bn and £1.8bn.
• Q1 2026 Results: Strong performance with UK Local Footfall (LFL) of +5.1% year-over-year, exceeding consensus expectations by 110 basis points (LFL beat). Revenue increased by 2.5% YoY.
• Regional Highlights:
  • UK & Republic of Ireland: LFL +5.1%, driven by growth in online channels (+11.5%) and store performance in clothing and home, benefiting from weather and Easter effects.
  • Republic of Ireland / Booker: LFL +5.5% and +2.0%, respectively, with Booker catering sales up +7.3%.
  • Central and Eastern Europe (CEE): LFL +4.1%, despite increased competitive pressure, as total Group Retail LFL reached +4.6%.

Market and Competition

• Tesco maintained strong price positioning and demonstrated 24 consecutive four-week market share gains in the UK, with improved brand perception.
• The market remains intensely competitive, with management emphasizing commitment to customer value.

Valuation and Recommendations

• Citi Research: Buy recommendation, target price of £395, based on 13x PE multiple for cyclic EBIT.
• Expected Share Price Reaction: Anticipated positive response due to both LFL and revenue beats.
• Target Price Information: Current price £3.85, expected dividend yield 3.4%, projected total return 6.0%.

Risks and Factors

• Key Risks: Competitive actions, execution risks in recovery plans, supply interruptions, adaptation to e-commerce growth, and geopolitical/foreign exchange issues.
• No Change in Guidance: No updates to sales or margin forecasts for fiscal years 2025 and 2026.

Analyst Details

• Analysts: Monique Pollard, Elizabeth Moore, Vandita Sood, Jamie Bass.