This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI940DH_L.jpg
“We are seeing more frequent shops, smaller basket sizes and less shopping online,” Ken Murphy told reporters.
He said that was partially expected as a result of a post-pandemic return to normal trading and as people increasingly stick to a budget when shopping.
“We’ve also seen people trade down to our own brand propositions and we’ve seen some trade (move) from fresh to frozen.”
Murphy also highlighted a reduction in general merchandise and clothing sales. However, he noted sales levels in those categories last year were elevated by the pandemic.
Earlier, Tesco forecast full-year profit towards the lower end of its previous guidance.
