Trolley Trends: Week 12: Asda returns to top spot but loses out to Tesco by a record margin on price

Research evidence excerpt

Trolley Trends: Week 12: Asda returns to top spot but loses out to Tesco by a record margin on price

J P M O R G A N Europe Credit Research

23 July 2026

Trolley Trends

Week 12: Asda returns to top spot but loses out to

Tesco by a record margin on price

Europe Corporate Credit - Retailing

& Consumer Products

Neill Keaney AC

(44 20) 7134-2002

neill.keaney@jpmorgan.com

J.P. Morgan Securities plc

Tesco’s new-found price competitiveness was not enough to unseat either European Food Retail

Asda or Sainsbury’s from the top of our composite rankings, being fuelled, as

Borja Olcese

it is, by aggressive promotions (£34.69 of savings). That said, its price gap of (34-91) 516-1511

2.9% (£7.50) to next cheapest Asda was the largest between the top two in borja.olcese@jpmorgan.com

pricing terms since April. While we would not extrapolate two weeks worth J.P. Morgan Securities plc

of lower prices - particularly given their promotional nature - as evidence of Palak Garg

a renewed investment in volumes, we would note that Tesco has lagged (91-22) 6157-5102

Sainsbury’s growth in recent Numberator prints and ceded 20bp of share in palak.x2.garg@jpmorgan.com

J.P. Morgan India Private Limited

Total Till Roll terms over the last 12 weeks.

European General Retail

Georgina Johanan, ACA

Table 1: Trolley Trends Scorecard

(44-20) 7134-5791

Premium georgina.s.johanan@jpmorgan.com

Composite Total (vs Pricing vs Pricing vs 4 Promo J.P. Morgan Securities plc

Retailer Score (/100) Basket cheapest) Last Week Weeks Ago Availability intensity

Asda 96.6 £262.70 2.9% 1.0% 2.0% EXCELLENT LOW

Sainsbury's 94.6 £264.95 3.8% 2.3% 2.1% EXCELLENT MEDIUM

Tesco 93.7 £255.20 0.0% -0.1% -5.1% GOOD HIGH

Morrisons 93.6 £266.49 4.4% -0.6% 2.0% GOOD MEDIUM

Ocado 93.2 £273.77 7.3% 0.0% 0.0% GOOD LOW