The largest British retailer Tesco raised its profit forecast – Kommersant
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The largest British retailer Tesco reported for the fiscal third quarter and raised its profit forecast for the second time in recent months, given better-than-expected sales during the Christmas period.
The retailer, which has a 28% share of the UK grocery market, forecasts operating profits of £2.75bn for the financial year ending in February. Tesco previously said the figure would be between £2.6bn and £2.6bn. 2.7 billion
Tesco noted that the past Christmas sales period was the best in the company’s history. Like-for-like sales in the four weeks leading up to Christmas were up 9.2%. The retailer cut prices on almost 2,700 items by up to 10% and also offered a Christmas lunch box for £2.09 per person, significantly boosting the company’s results. Online sales grew 11.5% during the holidays.
Read about the situation on the Russian market in the material “This is fancy money”.
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