Tesco: Christmas sales beat forecasts; shares rise
(CercleFinance.com) - Tesco beat Christmas sales growth forecasts in its main British market, largely boosted by demand for its "value" food products.
The supermarket group said on Tuesday that sales at British stores open at least a year rose 2.6% in the Christmas period, i.e. over the six weeks to 5 January.
"We delivered significant improvements in our competitive offer and this is reflected in a very strong Christmas performance which was ahead of the market," said Chief Executive Dave Lewis.
Tesco said customers responded well to its seasonal proposition, with quality and value perception up 3.5 points and 4.5 points respectively year-on-year.
The group added that it is confident in the outlook for the full year and "firmly on track" to deliver the strategic goals it set in late 2016.
Its shares are currently up 2.2%, largely outperforming the STOXX Europe 600 Optimised Retail index (+0.2%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The supermarket group said on Tuesday that sales at British stores open at least a year rose 2.6% in the Christmas period, i.e. over the six weeks to 5 January.
"We delivered significant improvements in our competitive offer and this is reflected in a very strong Christmas performance which was ahead of the market," said Chief Executive Dave Lewis.
Tesco said customers responded well to its seasonal proposition, with quality and value perception up 3.5 points and 4.5 points respectively year-on-year.
The group added that it is confident in the outlook for the full year and "firmly on track" to deliver the strategic goals it set in late 2016.
Its shares are currently up 2.2%, largely outperforming the STOXX Europe 600 Optimised Retail index (+0.2%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.