Tesco's Strong 1Q Had Confident Tone

0646 GMT - Tesco's update showed the group has seen a strong start to the year, Citi says in a note after the British grocer reported U.K. like-for-like retail sales up 9.0% for its first quarter and backed its full-year guidance. "Although we expect consensus to be broadly unchanged, we view the release positively with Tesco's core LFL ahead of expectations," analysts write. They note the confidence in its tone reiterating the guidance issued in April as food inflation starts subsiding, cost pressures are well-managed, and the market remains rational. Citi rates the stock buy. (elena.vardon@wsj.com)

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06-16-23 0412ET