Supermarket chain Tesco has registered £14.83bn ($18.97bn) in sales on a like-for-like (LFL) basis in the first quarter (Q1) of fiscal year (FY) 2023/24.

This is an increase of 8.2% compared to the same period in FY22/23.

For the 13 weeks that ended 27 May 2023, retail LFL sales in the UK and Republic of Ireland rose by 9.0% and 7.3% while sales for Central Europe grew 1.1% to £1.04bn.

Sales of large stores increased by 9.9% in Q1 FY23/24 against the same period the prior year. Sales for convenience chains increased by 5.9%.

During the month, online sales also grew 8.2%, with online market share growing by 75 basis points (bps) to 37.5% over the quarter.

In FY23/24, Tesco expects retail adjusted operating profit to be mostly flat.

Tesco chief executive Ken Murphy said: “We are pleased with our performance in the first quarter, underpinned by our relentless focus on value. Customers continue to recognise our leading combination of great value and quality in every part of their basket - from essentials covered by our Aldi Price Match, through to our growing Finest range.

“We are very conscious that many of our customers continue to face significant cost-of-living pressures, and we have led the way in cutting prices on everyday essential items. There are encouraging early signs that inflation is starting to ease across the market, and we will keep working tirelessly to ensure customers receive the best possible value at Tesco.

“The ongoing effort and contribution from our colleagues is evident in the strength of our offer and I want to thank the entire team for everything they do. By focusing on our customers, we have delivered a strong start to the year. We are well-positioned for the months ahead and are reiterating our guidance for the full year.”

In April 2023, Tesco reported that its adjusted operating profit fell 6.9% to £2.63bn ($3.36bn) in FY22/23, from £2.82bn in FY21/22.