UK's Tesco Delivers Successful Christmas Performance

By Tapan Panchal

LONDON--Tesco PLC (TSCO.LN) said Thursday Christmas trading was successful and added it is on target to deliver at least 1.2 billion pounds ($1.46 billion) in operating profit, before exceptional items, in fiscal 2017, in line with market consensus.

The U.K.'s biggest grocer said same-store sales, excluding value-added-tax and fuel, for the core U.K. unit grew by 0.7% in the six weeks to Jan. 7. Group like-for-like sales for the six weeks were up 0.3%.

For the third quarter ended Nov. 26, the company recorded a 1.5% growth in group like-for-like sales, excluding value-added-tax and fuel.

"We are very encouraged by the sustained strong progress that we are making across the group. In the U.K., we saw our eighth consecutive quarter of volume growth and delivered a third successful Christmas," Chief Executive Dave Lewis said.

Earlier this week, rivals J Sainsbury PLC (SBRY.LN) and Wm. Morrison Supermarkets PLC (MRW.LN) also reported a better-than-expected Christmas performance.

Write to Tapan Panchal at [e-mail]

(END) Dow Jones Newswires

January 12, 2017 02:36 ET (07:36 GMT)

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