Tesco, which like Sainsbury’s, Asda and Morrisons have been battling with the rise of German discounters Aldi and Lidl, said the sustained progress it was making across the group enabled it to reiterate its outlook for the full year.
The results, which mirror the stable performances of the other big traditional supermarkets, cap a year in which Tesco started to recover from a loss of sales, profit and market share sparked by the increasing popularity of the ultra cheap discount groups.
In the six weeks to Jan. 7, Tesco posted an underlying sales rise in its UK stores of 0.7 percent, in line with analyst forecasts of growth of 0.3 to 1.5 percent.
Trading over Christmas built on like-for-like sales growth of 1.8 percent for the 13 weeks to Nov. 26, Tesco’s fiscal third quarter, that was also reported on Thursday, also in line with forecasts.
“We are very encouraged by the sustained strong progress that we are making across the group,” Chief Executive Dave Lewis said in a statement. “We are well-placed against the medium-term aspirations we outlined in October 2016.”