Tesco

Tesco is reviewing options for its central Europe business (560 stores across Czechia, Slovakia and Hungary), signalling a retreat from earlier international ambitions. The group has previously exited markets including the US, Thailand and South Korea and says focusing on the UK has strengthened its competitive position. Tesco now targets higher domestic market share and returns to shareholders via buybacks after its share price roughly doubled in five years. » More on theguardian.com

Tesco is reportedly exploring options with bankers to sell its stores in Hungary, the Czech Republic and Slovakia. The share recovered and was about 0.2% up on the day. A sale would mark a further retreat by Tesco from its international business in favor of its UK core market. The company has not yet commented publicly on the reports. » More on de.investing.com

Tesco reported like-for-like sales growth in Great Britain of 1.8% for the first quarter (13 weeks to 30 May), well below analysts' expectations of around 2.7%, causing the shares to slip about 1%. Sales were driven by fresh foods (+3.6%), online (+8.9%) and same-day service Whoosh (>30%), yet consumer sentiment weakened overall momentum. The company confirmed its forecast for adjusted operating profit for the year at £3.0–3.3bn, which did not reassure investors given the disappointing sales figures. The result comes in a difficult macroeconomic environment of high inflation and weak consumer demand, raising concerns about waning volume dynamics. » More on de.investing.com