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TESCO (LSE: TSCO) 3Q18 and Christmas Update: Hypermarket Recovery and Growth in Food Drive Solid Comp

Executive Summary

  • Tesco reported UK comparable sales growth of 2.3% in 3Q18, slightly below consensus expectations but up from 2.1% in the prior quarter.
  • In the subsequent six-week Christmas period, Tesco UK saw comp growth moderate to 1.9%.
  • In 3Q18, the company reported its strongest UK hypermarket growth in a number of years. Tesco also noted strong demand in the UK in the core food category over the Christmas peak.

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