This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35309508
The article has changed 6 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Tesco sales rise 1.3% over the Christmas period | Tesco sales rise 1.3% over the Christmas period |
| (35 minutes later) | |
| Tesco has hailed a "strong Christmas" after its UK sales rose 1.3% on a like-for-like basis in the six weeks ending 9 January. | Tesco has hailed a "strong Christmas" after its UK sales rose 1.3% on a like-for-like basis in the six weeks ending 9 January. |
| But the struggling supermarket posted a 1.5% fall in sales for the 13 weeks ending 28 November after scrapping its "£5 off £40" promotion held in 2014. | |
| "Our Christmas performance was strong," said chief executive Dave Lewis. | "Our Christmas performance was strong," said chief executive Dave Lewis. |
| It follow sales updates this week from Morrisons and Sainsbury's that were received positively by investors. | |
| 'Making progress' | |
| In its trading update, the UK's largest supermarket said that total group sales on a like-for-like basis were up 2.1% for the six weeks over Christmas, against the same period last year. | In its trading update, the UK's largest supermarket said that total group sales on a like-for-like basis were up 2.1% for the six weeks over Christmas, against the same period last year. |
| However, group sales for the quarter were down 0.5%. | However, group sales for the quarter were down 0.5%. |
| Mr Lewis said international sales were improving. "We continued our strong positive sales momentum in both Europe and Asia, with our Thai business reaching its highest ever market share." | Mr Lewis said international sales were improving. "We continued our strong positive sales momentum in both Europe and Asia, with our Thai business reaching its highest ever market share." |
| Since taking over as Tesco chief in September 2014, Mr Lewis has put Tesco's focus on price cuts and putting more staff in stores in an attempt to revive the company's fortunes. | Since taking over as Tesco chief in September 2014, Mr Lewis has put Tesco's focus on price cuts and putting more staff in stores in an attempt to revive the company's fortunes. |
| In April last year, Tesco reported the worst results in its history, with a record statutory pre-tax loss of £6.4bn for the year to the end of February. | In April last year, Tesco reported the worst results in its history, with a record statutory pre-tax loss of £6.4bn for the year to the end of February. |
| However, Mr Lewis told the BBC in October that he was "quietly confident" about Tesco's turnaround. | However, Mr Lewis told the BBC in October that he was "quietly confident" about Tesco's turnaround. |
| He said in a statement on Thursday: "There is plenty more to do, but we are making progress and are trading in line with profit expectations for the full year." | |
| The company said that its price cuts and 4,000 additional 'Here to Help' staff in stores had been key to the sales improvement over Christmas. | |
| 'Tick in the box' | |
| Tesco said clothing sales over the period did particularly well, growing "significantly ahead of the market". | |
| Like other major supermarkets, the retail giant has been battling to halt a decline in sales in the face of stiff competition from German discounters Lidl and Aldi. | |
| Tesco's share price hit an 18-year low last month as investors fretted over the pace of progress under Mr Lewis. | |
| Analysts hope that stronger sales will translate into improved profitability. | |
| "This is a useful tick in the box for Tesco, generating good growth despite a more disciplined and less promotionally fuelled trading approach year on year. It offers some hope that the business might be able to deliver sustained volume growth," said analysts at Stifel in a note. |