Future Of British Business
Christmas Grocery Sales Soar at Tesco, Marks & Spencer
- UK’s biggest grocer reported best-ever festive period
- M&S shows turnaround is on track with booming food sales
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Two of Britain’s biggest retailers recorded bumper grocery sales over Christmas as inflation-hit consumers focused their spending on food rather than gifts.
Tesco Plc, Britain’s biggest supermarket chain, now expects to deliver £2.75 billion ($3.5 billion) in adjusted operating profit this year from its retail business, compared with previous guidance of as much as £2.7 billion. Tesco said it grew market share during its best-ever festive period with UK like-for-like sales rising 9.2% in the four weeks to Christmas.