Tesco enjoys a record Christmas as food sales boost performance

Tesco enjoys a record Christmas as food sales boost performance

However, Marks & Spencer also revealed "mixed" festive trading blaming a tough October for a 2.8% fall in like-for-like clothing and home sales over the 13 weeks to December 30. Total sales in United Kingdom however improved 1.1 percent to 2,858 million pounds (3,855 million dollars), while like-for-like sales decreased 1.4 percent in the quarter. At home, the supermarket's 1.9-percent LFL sales growth was driven by 3.4-percent growth in food, offset by downbeat performance at the company's general merchandise division and lost tobacco sales due to Palmer & Harvey's integration.

The trading update comes as the wider group missed forecasts for Christmas trading as strong sales of fresh food were undermined by lower demand for general goods such as DVDs and video games.

Just today, fashion retailers announce sales revenues 10-25% higher over the Christmas period, as companies both young (Boohoo) and old (Ted Baker) see bumper demand, further projecting the image of the cash conscious United Kingdom consumer wanting bang for their buck, especially at yuletide.

Chief executive Dave Lewis said the retailer "continued to outperform the market" in the 19 weeks to 6 January 2018.

"Our trading momentum accelerated across the third quarter and into December, with the four weeks leading up to Christmas Day delivering record sales and volumes in the United Kingdom".

The retailer saw its biggest ever sales week in the United Kingdom over Christmas, with 58 million customer transactions and 770,000 online grocery deliveries in one week.

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Supermarket Morrisons also had promising financial results.

On Thursday, M&S said same store food sales fell 0.4%.

He warned that trading would remain "volatile" for the year ahead.

As with other retailers in the UK, Tesco is battling rising costs linked to devalued sterling, falling consumer confidence and increasing competition from discounters Lidl and Aldi.

The M&S boss said that despite the sales dip, he believed the retailer was right to resist the Black Friday discounting frenzy as it focused on restoring its price positioning.

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