Tesco ends positive 2016 with solid December’s trading
We have reported over and over on Tesco's woes in recent years, so it's well for them to post solid December figures to show a positive end to 2016
12 January 2017
Tesco’s long journey back from the wilderness in which it found itself around three years ago continued through 2016, with the company revealing a solid Christmas season’s trading. Like-for-like sales in Ireland grew by a modest but respectable 0.1% over the Christmas period, while the UK market saw Tesco’s Christmas sales grow by 0.7% in the six weeks to January 7.
This is in line with analysts’ estimates of 0.3-1.5%.
Internationally, like-for-like sales were down for Tesco in Thailand, Hungary and Slovakia, while holding steady in the Czech Republic.
Reacting to the end-of-year report, Tesco CEO Dave Lewis said he was encouraged. “We are making sustained and strong progress across the group,” he said. “We are well-placed against the medium-term aspirations we outlined in October of last year.”
The group said it expectsd to deliver at least £1.2bn operating profit for the full fiscal year – the first rise in profit follwing five years of decline.