ESCO today said it had defied rising inflation and supply chain issues to ensure customers had a great Christmas, something reflected in booming sales.
Sales were well up on the pre-pandemic period and slightly up on a year ago, when there was panic buying and a lockdown that saw Christmas effectively cancelled for many.
Tesco, the UK’s biggest grocer, now expects profits to be at the top end of a range from £2.5 billion to £2.6 billion.
Yesterday Sainsbury told a similar story, but was able to bump up profits forecasts by a higher percentage.
Like Sainsbury, Tesco also said its banking arm is doing well. All banks have benefitted from an improvement in the economy which means losses on loans are far less than expected.
Chief executive Ken Murphy said: “We are delighted that we were able to help our customers have a great Christmas.
“Despite growing cost pressures and supply chain challenges in the industry, we continued to invest to protect availability, doubled down on our commitment to deliver great value and offered our strongest ever festive range.
“This…
