Tesco posts best Christmas sales in three years
Tesco has announced its best domestic holiday sales in three years, as Britain's biggest retailer remained the top supermarket destination over the Christmas period.
UK like-for-like sales in the 6 weeks ending on 5 January - not including petrol - grew by 1.8 per cent Overall group sales for the period, excluding petrol, rose by 3.9 per cent well ahead of analysts' estimates and better than its rival J Sainsbury, who announced record sales figures yesterday. The grocery chain has also announced Chris Bush as the new manager director for UK operations.
Not all retailers have had a good Christmas trading period. Marks & Spencer, Britain's biggest clothing retailer, posted a sixth consecutive slump in quarterly sales yesterday, after like-for-like sales fell 1.8 percent overall, with a steep 3.8 percent in the group's general merchandise unit.
Food sales continued to support the group's top line, with more than £330m - a company record - sold over the Christmas fortnight.
Morrisons had previously announced disappointing 2.5 per cent fall in sales in the six week up to 30 December, whilst Iceland recorded a 5 per cent Christmas sales boost in November and December.
Written and presented by Alfred Joyner