Tesco says it’s the solely one of many main chains to have grown its market share versus pre-pandemic ranges over Christmas, claiming it took enterprise from premium grocers.
The UK’s greatest retailer stated like-for-like gross sales rose 4.3% in its third quarter to 26 November and had been up 7.2% within the six weeks to 7 January.
Grocery rival M&S stated its like for like meals gross sales had been up by 6.3% on the identical foundation over the 13 weeks to 31 December.
The companies are the newest to report on their progress after a tricky festive season for household budgets – squeezed by the energy-led value of residing disaster.
The total image for retailers’ efficiency forward of Thursday’s buying and selling updates has been one among resilience, nonetheless, suggesting that buyers had been ready to chill out the purse strings for Christmas amid file meals inflation.
It has led retail teams to precise warning over shopper demand for the months forward, whereas monetary analysts have additionally questioned the extent to which firm profitability has risen in keeping with gross sales.
While inflation has typically pushed a surge in gross sales values within the firm updates up to now, retailers have given little away on their margins and progress within the quantity of gross sales – the quantity of products offered.
That stated, Sainsbury’s and JD Sports each adjusted upwards the steering on their annual revenue expectations on Wednesday.
Next and B&M did the identical final week.
Another pattern to have emerged over Christmas included a dive in on-line gross sales – probably defined by the affect of strikes at Royal Mail – with extra visits to bodily shops changing a few of that retail area.
Source: information.sky.com”