Online sales buoy modest sales growth at Tesco

Internet purchases supported a moderate rise in sales at Tesco, according to the FTSE-100 supermarket chain's latest trading statement published on Thursday morning.

Internet purchases supported a moderate rise in sales at Tesco, according to the FTSE-100 supermarket chain's latest trading statement published on Thursday morning.

Group sales in the six weeks to January 5th increased by 3.8% including petrol while the international business performed at a similar level to the third quarter.

In the UK, like-for-like sales edged up by 1.8%, propelled by stronger food performance than experienced in the previous year and a further improvement from the third quarter.

Increasing online performance drove part of the rise in overall sales, with Tesco Direct purchases up by more than 16%.

Internet-purchased food sales increased by 18% over the five week Christmas and New Year period. This was underpinned by more than 500,000 food orders being fulfilled in the week before Christmas, with almost 5% of online goods picked up by customers using Tesco's drive-through "Click & Collect" service.

The group's international business performed at a similar level to that seen in the third quarter. Asia delivered an increase in total sales of 7.6%, with a slightly better like-for-like sales growth rate than the third quarter reflecting stronger performance in Thailand.

Following a period of nine months during which Philip Clarke temporarily led the group, the supermarket chain announced that Chris Bush had been appointed managing director.

MF

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021