Supermarket giant Tesco this morning posted its highest UK sales growth in three years over the Christmas period, as its turnaround plan is starting to kick in.
Like for like UK sales grew by 1.8 per cent in the six weeks to 5 January, driven by a strong performance from its food division and from online, while group sales over the period were up by 3.8 per cent excluding fuel.
Tesco, which also announced the appointment of Chris Bush as managing director to run its key British business, beat forecasts for sales growth in its home market, finally regaining an edge after a terrible performance last Christmas prompted the firm's first profit warning in 20 years and a strategic re-think.
“I am pleased with our performance over the important Christmas and New Year period in the UK, which reflects the progress we are making in improving our offer for customers,” Tesco chief executive Philip Clarke said this morning.
City A.M. Reporter