Tesco Ireland records highest market share growth in five years
Strong figures from Tesco Ireland but wider group misses Christmas trading forecasts
Tesco said like-for-likes sales over the Christmas period were 4 per cent higher than the same period a year earlier. Photograph: Chris Ratcliffe/Bloomberg
Tesco Ireland recorded its highest market share growth in five years during the third quarter as like-for-like sales rose 3 per cent.
The company also said that like-for-likes sales over the Christmas period were 4 per cent higher than the same period a year earlier.
“Over Christmas we focused on giving customers great-quality products at great prices and we’re pleased they responded so positively. Our fresh food ranges performed particularly well, as did F&F Clothing, which saw double-digit growth,” said Andrew Yaxley, chief executive of Tesco Ireland.
The trading update comes as the wider group missed forecasts for Christmas trading as strong sales of fresh food were undermined by lower demand for general goods such as DVDs and video games.
Market research earlier this week named Tesco as one of the festive winners on the British high street in the sales of groceries, but the group said on Thursday its overall results were hit by weak general merchandise and a loss of a key tobacco supplier.
M&S beats expectations
Marks & Spencer reported better than expected sales of both clothing and food in the key Christmas quarter and said it was maintaining financial guidance for its full 2017-18 year.
The group, which reset its strategy in November two months after Archie Norman joined as chairman, said clothing and homeware like-for-like sales fell 2.8 per cent in the 13 weeks to December 30th, its fiscal third quarter.
That compared with analysts’ average forecast of a 3.4 per cent decline and a second-quarter fall of 0.1 per cent.
Same store food sales fell 0.4 per cent – ahead of analysts’ average forecast of a 1.1 per cent decline but worse than a 0.1 per cent fall in the previous quarter.
- Addditional reporting: Reuters