Tesco: world-class giant scores again

Tesco was expected to struggle against its rebounding rivals this year, but it produced the strongest Christmas performance in three years.

Tesco (LSE: TSCO) has done it again. The world's fourth-largest retailer was expected to struggle against its rebounding rivals this year. It actually produced the strongest Christmas performance in three years. Over the six weeks to 9 January, overall turnover jumped by 7.5%. British same-store sales, excluding petrol and adjusting for VAT, surged 4.9%. Analysts had expected just 3% growth. "Even when its unprecedented Christmas Clubcard promotional push is taken into account, like-for-like sales rose 4.2%," pointed out Garry White in The Daily Telegraph. Champagne sales alone jumped by 35% year-on-year.

What the commentators said

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.