Tesco are on track for bumper profits this year following record sales over the Christmas period which comes after the supermarket cut “nearly 2,700 prices” to attract more customers.
Ken Murphy, chief executive of Tesco said that he is expecting food inflation to remain “moderate” throughout 2024.
Sales grew by 6.8% over the Christmas period and there was a sharp demand for Tesco’s Finest premium range food and drinks.
Over the previous 13 weeks to the quarter to 25 November, like-for-like sales grew 6.6% and Tesco now expect adjusted operating profit of £2.75 billion in the year.
Murphy said, “The Tesco team has worked harder than ever to help customers celebrate this Christmas, with our strongest ever range of great value, fantastic quality food.
“Our powerful combination of great value, quality, availability and service means that we head into the new year in great shape to keep delivering for customers.”