Consumer
Tesco Slumps as UK Grocer’s Unchanged Outlook Raises Concerns
- Like-for-like UK sales rise in third quarter and Christmas
- Biggest grocer holds almost 29% of market, analyst Kantar says
A Tesco customer in London.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Tesco Plc shares fell after Britain’s biggest grocer kept its outlook unchanged despite strong food sales over the holidays, with looming tax rises set to add to costs.
Like-for-like UK sales rose 3.8% in the third quarter ending Nov. 23, Tesco said in a statement Thursday, with the trend continuing over the Christmas period. Still, Tesco’s shares fell as much as 3.2% in early trading in London amid a wider market selloff. They’re still up more than 20% in the last 12 months.