Tesco (LON:TSCO) shares fell nearly 5 percent on Thursday morning, after its strong set of Christmas results failed to match up to analysts’ expectations.

UK like-for-like sales at Britain’s biggest retailer rose 1.9 per cent in the six weeks to January 6, but analysts had been expecting a figure of 3.2 percent. Food sales rose 3.4 percent over the period and the results were the best set since 2010, despite the weight of weak sales of home and gifts.

“I am really pleased with the way we delivered in the months running up to Christmas and particularly in the run-up to Christmas Day,” chief executive Dave Lewis commented, but added that the group should be cautious going into the new year:

“There is definitely some caution in the way customers are talking about the year ahead,” he said.

Shares in Tesco fell over 4 percent at market open, and are currently trading down 3.63 percent at 204.20 (1047GMT).