Tesco (LON:TSCO) reported a “strong Christmas”, with sales rising 1.3 percent making the Group one of the best performers of the Big Four supermarkets.
Transactions rise by 3.4 percent as customers flocked to the long-standing store, and sales were well above the negative figures predicted by analysts. Tesco’s share price rose over 7 percent in early morning trade, before settling down to up 4.86 percent at 166 pence per share. (1100GMT)
Chief executive Dave Lewis praised the Group’s performance, saying in a statement:
“Our Christmas performance was strong… There is plenty more to do, but we are making progress and are trading in line with profit expectations for the full year.
“International sales have also continued to strengthen, driven once again by improvements across the offer. We continued our strong positive sales momentum in both Europe and Asia, with our Thai business reaching its highest ever market share.”