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

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022