Tesco Confident of Full-Year Outlook After Strong Christmas Sales Growth
Tesco PLC (TSCO.LN) said Thursday that it is confident in its outlook for fiscal 2018 after a strong sales performance in the third quarter and the Christmas period.
Britain's No. 1 grocer said group like-for-like sales, excluding fuel and at constant exchange-rates, rose 0.8% in the 19 weeks ended Jan. 6, compared with the same period a year earlier. Group comparable sales grew 0.6% for the same period.
In the core U.K. market, Tesco's like-for-like sales increased by 1.9% during the Christmas period, the company said. Tesco said it recorded record sales and volumes across the four weeks leading up to Christmas Day, continuing the strong momentum achieved during the third quarter.
For the third quarter of fiscal 2018, group like-for-like sales rose 0.9%, Tesco said. In the U.K., sales grew 2.3% on year, the company added.
Looking ahead, Tesco said it is confident in its outlook for full fiscal 2018 and is on track to meet its medium-term restructuring goals.
The company also said that it anticipates a shareholder meeting to approve its takeover of Booker Group PLC (BOK.LN) toward the end of February.
Tesco's is the latest in a run of strong Christmas statements by U.K. grocers. Earlier this week, Wm. Morrison Supermarkets PLC said (MRW.LN) Christmas sales exceeded expectations, while J Sainsbury PLC (SBRY.LN) on Wednesday said it expected fiscal 2018 earnings to beat consensus figures following a successful performance in its peak period.
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
January 11, 2018 02:49 ET (07:49 GMT)