Tesco raises profit outlook twice in four months
Republic of Ireland sales increased by 0.3% over the Christmas period, but declined by 3.3% in the third quarter
18 January 2022 | 0
Tesco has reported a rise in Christmas sales, leading the group to raise its profit outlook for the second time in four months.
UK like-for-like sales rose 0.2% year-on-year in Q3 to 27 November and had increased by 0.3% during the six weeks to 8 January. Subsequently, Tesco said it expects a full-year 2021-22 retail operating “slightly above” the top-end of its previous £2.5-2.6 billion (€3 -€3.1 billion) range.
In the Republic of Ireland, sales increased by 0.3% over the Christmas period, but declined by 3.3% in the third quarter. The retailer reported its highest share growth in the market over the Christmas period, including a strong online performance.
During the 19 weeks to 8 January (Q3 as well as the Christmas period trading) sales amounted to £937 million – 1.8% lower year-on-year on a constant currency basis.
Tesco Ireland’s chief executive Kari Daniels said she was “really pleased” with the performance of the business during the Christmas season.
“A significant driver of our growth has been the investment we’ve made in our home delivery and click and collect services in stores nationwide generating thousands more slots for customers,” she said. “Our over-65-year-old customers remain a priority for free home delivery.”