Wednesday, 19 September, 2018

Tesco thanks fresh food for Christmas sales rise

Tesco is festive winner reporting record Christmas sales Tesco Ireland sees sales rise over Christmas
Kelvin Reese | 12 January, 2018, 03:23

Catherine Shuttleworth, chief executive at retail marketing agency Savvy, said: "We think that the M&S food shopper has in part been lured away to the discounters this Christmas with their enhanced premium ranges and outstanding wines and spirits offers".

By contrast, British online fashion retailer Boohoo.com raised its full-year sales forecast after more than doubling its revenue over the same period to the end of December, with strong Black Friday sales.

Morrisons reported its third-quarter results in November, but issued a Christmas trading update, reporting that like-for-like sales rose by 2.3% in the 10 weeks to 7 January 2018.

Supermarket giant Tesco has emerged as a festive victor of the Big Four, reporting a steep rise in sales over the Christmas trading period.

This helped Tesco notch up a 2.3% rise in third quarter comparable sales.

Outside of Ireland and the United Kingdom, the retail giant experienced "positive" like-for-like sales growth of 0.8pc in Central Europe in the three month period, as it improved its customer offering.

Like-for-like sales and volumes in fresh food in the United Kingdom were up by 3.7 per cent, driving overall like-for-like sales growth in the country to 1.9 per cent.

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"Our trading momentum accelerated across the third quarter and into December, with the four weeks leading up to Christmas Day delivering record sales and volumes in the United Kingdom".

Supermarket Morrisons also had promising financial results.

Tesco reported lower than expected sales growth over Christmas with a strong performance in groceries held back by weaker trading in general goods such as DVDs and games.

Its food sales also disappointed, down 0.4%, as it admitted the division was suffering "ongoing under-performance".

Today, Tesco released its holiday sales and it showed a 1.9% increase, a huge miss compared to the 2.8% estimate.

Fiona Cincotta, analyst at City Index, said: "Retailers were out of favour throughout the day, following disappointing numbers from Marks & Spencer".

"In our food business, ongoing trading pressures continued in the lead up to Christmas as consumer spending and choices reflected tighter budgets", he added.

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