Tesco says shoppers are buying more as confidence returns

According to the pressure group ShareAction, that is 430 times more than the average Tesco employee.

Speaking to reporters following the retailer’s trading update, Mr Murphy said: “I absolutely accept that I’m well paid.”

Mr Murphy will face shareholders at the company’s annual general meeting later on Friday.

Tesco said there had been a “gentle” improvement in consumer sentiment and it was hoping for a boost from a summer of sport, with the Euro 2024 football tournament about to begin.

The retailer is planning for strong demand on match days and has observed an uptick in consumer confidence and positivity going into summer.

Sales of its premium “Finest” food range had been particularly strong, Tesco said, rising by 12.5%.

“We’ve continued to build momentum in the business, with strong volume growth across the UK, Republic of Ireland and Central Europe supported by easing inflation,” Mr Murphy said.

“Our market share reflects this, growing more than at any other time in the past two years, with customers switching to us from other retailers, shopping with us more often and with more in their baskets.”