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Tesco surprises city with blockbuster Christmas

Ben Parfitt
Tesco surprises city with blockbuster Christmas

The UK’s leading retailer Tesco has reported its strongest Christmas in the UK for three years.

Like-for-like sales were up 1.8 per cent in the six weeks ending January 5th. Online food sales were the star, climbing 18 per cent. It’s a fantastic turnaround for the supermarket, having reported a 2.3 per cent drop in the same period last year.

Total Group sales excluding petrol grew 3.9 per cent, although European sales were down 0.6 per cent.

For comparison, Morrisons suffered a 2.5 per cent drop and Sainsbury’s a lower than expected 0.9 per cent rise.

"What a difference a year makes,” Richard Hunter from Hargreaves Lansdown Stockbrokers told the BBC. “Last January Tesco issued a profits warning which precipitated a 20 per cent fall in the share price and questions being asked about the validity of the strategy.

"Today's statement follows a year of transformation and is proof positive that Tesco is fighting to regain its previously unassailable position in the UK."

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Tags: Retail , tesco , sales , numbers , christmas

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