By Michael Susin

Tesco upgraded its fiscal 2024 guidance for the second time after it saw stronger-than-expected volume growth in the U.K. market during Christmas.

The U.K. grocer on Thursday said it expects retail adjusted operating profit--the company's preferred metric, which strips out exceptional and other one-off items--for fiscal 2024 of around 2.75 billion pounds ($3.50 billion). This compares with previous guidance of range of GBP2.6 billion to GBP2.7 billion.

Bank adjusted operating profit guidance remains unchanged at between GBP130 million and GBP160 million.

Like-for-like retail sales rose 6.4% on year in the 19 weeks ended Jan. 6. They rose 6.6% in the third quarter and 6.0% over the Christmas period.

In the U.K., Tesco's like-for-like sales rose 7.5% in the 19-week period, while in Central Europe they fell 0.3%.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

January 11, 2024 02:29 ET (07:29 GMT)

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