By Sabela Ojea

 

Tesco PLC said Thursday that it has had stronger-than-expected sales to date following a strong third quarter of fiscal 2022 and robust during Christmas, and that it now expects to post a retail operating profit for the full fiscal year slightly above its previous top-end guidance.

The U.K.'s biggest grocer by market share said that like-for-like retail sales rose 2.6% on year in the 19 weeks ended Jan. 8, rising 2.4% in the third quarter and 3.2% in the Christmas period. The company's retail operating profit guidance is in the range of 2.5 billion to 2.6 billion pounds ($3.56 billion-$3.43 billion).

In the U.K., Tesco's like-for-like sales rose 0.2% in the 19-week period, rising 4.9% in Central Europe. During the Christmas period in particular, sales rose 0.3% during Christmas in the U.K., and 8.1% in Central Europe.

"Despite growing cost pressures and supply chain challenges in the industry, we continued to invest to protect availability, doubled down on our commitment to deliver great value and offered our strongest ever festive range...As a result, we outperformed the market, growing market share and strengthening our value position," Chief Executive Ken Murphy said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

January 13, 2022 02:42 ET (07:42 GMT)

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