Macintyre Schaffer - An increase in the share prices of British supermarket Tesco is down to the firm taking notice of the needs of its consumers in the current climate.
This is the opinion of investment advisors from the Macintyre Schaffer, who has said that a rise of almost two per cent in Tesco's share price is probably linked to it also posting a 4.3 per cent rise in like-for-like sales this week.
Macintyre Schaffer agrees with the Chief executive Terry Leahy who said Tesco was "at its best in tough markets" and could respond to the changing needs of customers.
"That's why we have been able to make good progress this year, despite facing into powerful economic headwinds and carrying planned start-up losses in the US," he said.
"Our business is strong, broadly-based, increasingly international and, I believe, well-placed not just to cope with the challenges which lie ahead but also to grasp the growth opportunities open to us by continuing to invest in our strategy."
The results were "very much in line with expectations" said the Macintyre Schaffer analyst.
Macintyre Schaffer explained: "The supermarket giant's results were boosted by an increase in sales volumes of its cheaper discount range as well as price cuts and promotions, which proves it is listening to the more price-conscious consumers."
The expert added that the firm is performing well financially both in the UK and abroad and highlighted that it has also experienced a growth in sales internationally.
In a bid to attract more consumers, Tesco recently launched a Clubcard initiative which offers holders the chance to double their rewards by cashing their points in for vouchers.
