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12/01/2012
Tesco Holiday Season Trade 'Disappoints'
Tesco shares have plummeted by 10% following "disappointing" festive trading.
Like-for-like sales dropped by 2.3% excluding new store openings, fuel and VAT.
Group sales in the six weeks to 7 January 2012 increased by 5.2% including petrol (4.2% at actual exchange rates) and by 4.0% excluding petrol (2.9% at actual exchange rates).
Philip Clarke, the retailers Chief Executive, said: "In a challenging economic environment, we made good progress internationally but despite record sales, we are disappointed with our seasonal trading performance in the UK.
"We will continue the process of change that we started nine months ago to address long-standing business issues, building on the important steps we have already taken in the United States,
"In Japan and at Tesco Bank, as well as those we have begun to take in the UK. The Big Price Drop is an important first element in this process but there is much more we can do to further improve our shopping trip for customers and we are determined to move faster. We will say more in our Preliminary Results announcement in April.
"Our staff and suppliers worked incredibly hard for customers over the period and I would like to thank them for all that they do."
(GK)
Like-for-like sales dropped by 2.3% excluding new store openings, fuel and VAT.
Group sales in the six weeks to 7 January 2012 increased by 5.2% including petrol (4.2% at actual exchange rates) and by 4.0% excluding petrol (2.9% at actual exchange rates).
Philip Clarke, the retailers Chief Executive, said: "In a challenging economic environment, we made good progress internationally but despite record sales, we are disappointed with our seasonal trading performance in the UK.
"We will continue the process of change that we started nine months ago to address long-standing business issues, building on the important steps we have already taken in the United States,
"In Japan and at Tesco Bank, as well as those we have begun to take in the UK. The Big Price Drop is an important first element in this process but there is much more we can do to further improve our shopping trip for customers and we are determined to move faster. We will say more in our Preliminary Results announcement in April.
"Our staff and suppliers worked incredibly hard for customers over the period and I would like to thank them for all that they do."
(GK)
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Supermarket giant Tesco has reported underlying annual pre-tax profits of £3.13bn. The retailer rung up sales of £1bn a week with group sales coming in at of £59.4bn in the 12 months to February 28. Today's profits are believed to be the first time a UK retailer has reached over £3bn on an underlying basis.
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