UK retailer Tesco has seen its share price rise to its highest since 2015 – with reports crediting the success of its plant-based line Wicked Kitchen for some of the uptick.
The supermarket giant has seen an increase in profits despite a difficult year, in which Britain’s retailers have had to cut staff and increase prices due to the weak pound, as well as ward off competition from low-cost chains like Lidl and Aldi.
Sales of Wicked Kitchen, along with ready meals from ranges like Hearty Food Co. have been cited as major factors.
Bryan Roberts, an analyst at TCC Global, told Bloomberg: “In Tesco’s U.K. grocery business, it’s a job very well done. With Aldi and Lidl still growing strongly, it’s an impressive recovery.”
The Wicked Kitchen line – which boasts around 20 options including pizza, pasta, salad and sandwiches – was launched in January in 600 Tesco stores nationwide.
Just days after it was released, there were reports of the products selling out in shops across the country.
A Tesco’s spokesperson told PBN: “We have been pleased with the response to the range so far as well as an overwhelming positive reaction on social media.”
Derek Sarno – Tesco’s Head of Plant Based Innovation, added: “We’re selling out everywhere and are wicked happy about that
“If it’s not there when you try to find it, know it’s coming. If your local Tesco doesn’t sell it – then ask them to.
“We’re really so happy and thrilled to finally have something to eat that tastes as good as the mission feels.
“I just keep thinking every time someone has one of the meals that means they’re not eating animals – and that is a good thought.”