Tesco: shares rise after in line Christmas trading statement
(CercleFinance.com) - Tesco shares are up slightly on Thursday after the British supermarket group delivered a fifth consecutive Christmas trading period of growth, despite a "subdued" UK market.
The retailer said on Thursday that sales at its British stores open over a year had fallen by 0.4% in the 13 weeks to 23 November, in line with the consensus of -0.5%.
Sales at UK stores open over a year, however, rose by 0.1% over the Christmas trading period, i.e. in the six weeks to 4 January 2020, thanks to a strong performance in fresh food.
In its statement, Tesco pointed out that it has outperformed the market "once again," despite the UK environment being "clearly" challenging.
Investors cheered the news on Thursday, with the shares trading 2.1% higher at 256.4 pence in morning trading.
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