Tesco profits to hit £2.6 billion after bumper Christmas

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Britain’s biggest grocer is “happy” with Christmas sales

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Tea

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ESCO today said it has defied inflation and supply chain issues to ensure customers have a wonderful Christmas, which is reflected in rising sales.

Sales did well in the pre-pandemic period and rose slightly a year ago, when panic buying and a lockdown were in place that effectively canceled Christmas for many.

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Tesco, the UK’s largest grocery company, now expects profits to be in the range of £2.5 billion to £2.6 billion.

Sainsbury’s told a similar story yesterday, but was able to raise its profit forecast by a far higher percentage.

Like Sainsbury’s, Tesco also said its banking arm is performing well. All banks have benefited from the recovery in the economy, which means the losses on loans are much lower than expected.

Chief Executive Ken Murphy said: “We are delighted that we were able to help our customers have a wonderful Christmas. Despite increasing cost pressures and supply chain challenges in the industry, we continue to invest in protecting availability, great Re-doubled our commitment to deliver value and offer our strongest-ever Utsav range. This put us in a strong position to address the needs of our customers as once again, COVID-19 hits celebrating at home. More focused. As a result, we outperformed the market, increased market share and strengthened our value position.”

From week 19 to January 8, sales were up 8.6% from two years earlier. They were up 2.4% from a year earlier.

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