Beating all expectations, Tesco has reported a 2.2 per cent rise in like-for-like sales in Britain over the Christmas period, saying it outperformed the market in food, clothing and general merchandise.
Tesco PLC 3Q and Christmas Trading Statement 2018/19: Twelve consecutive quarters of growth.
UK & ROI Christmas +2.6% LFL; core UK +2.2% LFL.
— Tesco News (@tesconews) January 10, 2019
Analysts had forecast a rise of 1.0 to 1.5 percent for the six weeks to Jan. 5.
Chief executive Dave Lewis confirmed: “As a team we have achieved a lot in the last 19 weeks. In the UK we delivered significant improvements in our competitive offer and this is reflected in a very strong Christmas performance which was ahead of the market.
“In central Europe, the reshaping of our business continues and we are confident of the outcome we envisaged.
“In Asia, negotiations with suppliers are concluding satisfactorily and we can see this in our simpler, clearer, more impactful offer for customers.
“We have more to do everywhere but remain bang on track to deliver our plans for the year and as we enter our centenary we are in a strong position.”
Chief Executive Dave Lewis said: “In the UK we delivered significant improvements in our competitive offer and this is reflected in a very strong Christmas performance which was ahead of the market.”