Tesco shares rally as Q1 figures point to turnaround

Tesco shares have bounced after the supermarket reported Q1 results it said are a "step in the right direction" ahead of a landmark AGM later today.

The supermarket chain, which will hear from shareholders at its annual general meeting today for the first time since its disastrous 2014, said that sales declined 1.3% in the 13 weeks to 30 May - an improvement on the 1.7% dip between December and February. Its Q1 results also reported a 1.4% rise in like-for-like volumes and a 1.3% increase in transactions, as well as what it said are 180,000 more customers shopping at its stores. Loss leader? Ten funds backing a big Tesco turnaround The improved figures come at a good time as the company prepares for its first AGM under new b...