UK's Tesco Delivers Successful Christmas Performance
12 Januar 2017 - 8:51AM
Dow Jones News
By Tapan Panchal
LONDON--Tesco PLC (TSCO.LN) said Thursday Christmas trading was
successful and added it is on target to deliver at least 1.2
billion pounds ($1.46 billion) in operating profit, before
exceptional items, in fiscal 2017, in line with market
consensus.
The U.K.'s biggest grocer said same-store sales, excluding
value-added-tax and fuel, for the core U.K. unit grew by 0.7% in
the six weeks to Jan. 7. Group like-for-like sales for the six
weeks were up 0.3%.
For the third quarter ended Nov. 26, the company recorded a 1.5%
growth in group like-for-like sales, excluding value-added-tax and
fuel.
"We are very encouraged by the sustained strong progress that we
are making across the group. In the U.K., we saw our eighth
consecutive quarter of volume growth and delivered a third
successful Christmas," Chief Executive Dave Lewis said.
Earlier this week, rivals J Sainsbury PLC (SBRY.LN) and Wm.
Morrison Supermarkets PLC (MRW.LN) also reported a
better-than-expected Christmas performance.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
January 12, 2017 02:36 ET (07:36 GMT)
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