Comment: Tesco growth shows turnaround is on track

Tesco group chief executive Philip Clarke will not view the latest grocery market share figures as evidence that efforts to turn the UK business around are complete.

But the data, nonetheless, should act as a watershed in the revival of the company’s fortunes.

Figures from Kantar Worldpanel show the UK giant has matched wider grocery market growth for the first time since June 2011.

In delivering growth of 3.3%, Tesco not only outmuscled its main rivals, but gave the clearest sign yet its £1bn war chest is being successfully leveraged to re-establish the qualities that made it such a powerhouse.

By investing in stores, product, marketing and service, Clarke is progressing in his campaign to ensure the company’s UK recovery.

Tesco has stymied decline in the space of only 12 months and once again understands what it needs to do to achieve sustainable growth.

All of this will matter as Clarke releases his grip on the controls of the domestic operation for the first time since UK chief Richard Brasher exited almost a year ago.

The scale of Tesco demands its chief executive be given room to attend to the needs of the wider group, not least the ongoing transformation of Tesco into a world-leading multichannel retailer.

But for all the undoubted qualities of new UK managing director Chris Bush, the task at home remains challenging. The latest numbers do not constitute a knock-out blow to Tesco’s rivals and competition between grocery’s heavy hitters will remain intense. Meanwhile, the battle to rebuild trust in the Tesco brand - knocked by the horse meat scandal - goes on.

So while there will be satisfaction a corner has been turned, the pause to reflect on that success will be brief.