Pursuits
Tesco Surprises as U.K. Grocer Posts Increase in Christmas Sales
- Customers respond to lower prices, increased store staffing
- Sales provide boost for CEO after shares fell to 18-year low
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Tesco Plc reported its first sales growth in more than four years as Christmas provided a sign that the struggling U.K. supermarket company’s turnaround is starting to pay off.
Group like-for-like sales rose 0.4 percent in the 19 weeks ended Jan. 9, boosted by an unexpectedly strong holiday period in the U.K. as customers responded to lower prices and increased store staffing. Revenue also improved in Tesco’s international operations. The shares surged as much as 7.4 percent.