Tesco powers forward
Tesco has delivered strong growth and record sales over the Christmas and New Year period. Group sales increased by 11.5 per cent in the seven weeks to 7 January 2006
UK sales grew by 10.1 per cent, including like-for-like growth of 7.2 per cent and 2.9 per cent from net new space. Excluding petrol, like-for-like sales increased by 5.7 per cent, slightly higher than the rate of growth reported in the third quarter. Whilst deflation in stores of (1.5) per cent remained broadly the same as in the third quarter and reflected the company’s investment in lower prices for customers, the UK overall moved from inflation of 0.5 per cent to deflation of (0.5) per cent as the impact of petrol price rises moderated.
Tesco.com had another record year, delivering over a million orders in the four-week period before Christmas and Tesco Mobile signed-up its millionth customer during December.
