Supermarket giants Tesco has reported a 1.3% fall in sales in the three months to the end of May, reassuring customers that the company is slowly getting back on track.
The results come as CEO Dave Lewis continues to face tough questions over the supermarket’s weak performance and its generous remuneration for top executives when it holds its annual meeting on Friday.
Analysts predicted Tesco would see a loss of between 1.6% and 3% in the time period after last years figures stood ay 4%. In December and January a loss of 1.7% was seen.
Separate figures from Kantar Worldpanel show that 180,000 more customers shopped with Tesco in the 12 weeks to 24 May, following 'significant price cuts on branded products' made in January. It has since rolled out similar reductions on more than 300 additional products as it seeks to compete with budget chains.
In January, Tesco announced plans to close 43 loss-making stores, while also planning to open a further 49 stores. In April the company reported a £6.4bn annual loss, one of the largest losses in corporate history.
Tesco's share price rose by more than 3% at the start of trading on Friday.
