Record Christmas and Q3 at Tesco
Tesco CEO Dave Lewis' unenviable task of steering the retail giant back to safe waters is going well, with a positive Q3 and Christmas sales season in the UK, Ireland and beyond.
12 January 2018
Tesco has published its latest trading statement, covering Q3 2017 as well as the crucial Christmas shopping season, showing positive results for the retailer. Q3 saw Tesco’s like-for-like sales rise by 2.3%. In the UK this rise illustrated the company’s outperforming of its competitors in fresh food, while in Ireland this was the highest rate of overall market share growth in five years.
This momentum for Tesco continued into Christmas, the company said, with 58m transactions and 770,000 grocery deliveries taking place during the week leading up to Christmas.
Further afield in Tesco’s European operations, the company reported like-for sales growth across the 19-week period, which it said reflects ongoing improvements in its customer offering. Similarly, in Tesco’s Asian operation, sales growth is reflective of a change in its sales strategy, and a reduction in promitional activity.
Tesco CEO Dave Lewis said the positive growth for the company was due to its most competitive offer in many years.
“Our trading momentum accelerated across the third quarter and into December,” Lewis said as part of the report, “with the four weeks leading up to Christmas Day delivering record sales and volumes.
“Incorporating Palmer & Harvey volumes and complexity during this peak period was challenging,” Lewis continued, “resulting in lost tobacco sales across December and putting further strain into our distribution network, particularly post-Christmas. Whilst I am pleased to say these challenges have now been resolved, they took the shine off an otherwise outstanding performance for the period as a whole.”