Tesco (LSE: TSCO) 3Q19 and Christmas Update: Strongest U.K. Christmas Growth for a Decade


Key Points

  • In the core six-week Christmas period, Tesco U.K. saw strong comp growth of 2.2%, ahead of the consensus estimate of 1.4%.
  • Tesco reported U.K. comparable sales growth of 0.7% in 3Q19, slightly below consensus expectations of 1.0%, and below the 2.5% growth in the prior quarter.
  • In 3Q19, central Europe comps were down 3.0%, while comps for Asia declined 8.0%.

Tesco, the U.K.’s biggest grocery retailer, reported results for 3Q19 (ended November 24, 2018), and the subsequent six-week Christmas period (ended January 5).

For the core six-week Christmas period, Tesco grew comparable sales in its U.K. operations by 2.2%, above the consensus estimate of 1.4% from StreetAccount. The company said it outperformed the market in volume and value terms and versus the market “in all key categories: food, clothing and general merchandise.”

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