Tesco said it delivered its biggest ever Christmas after UK like-for-like sales growth accelerated to 4.1% in the six weeks to 4 January. The festive performance followed 3.8% growth in the quarter to 23 November, leaving Tesco’s market share at the highest since 2016 at 28.5%.
Across the group, retail like-for-like sales were 3.8% higher in the Christmas period and 2.8% stronger in the third quarter. The grocer continues to expect an operating profit for the 2024/25 year of around £2.9 billion, in line with the upgraded guidance at half-year results.
Marks & Spencer today reported “another good Christmas” after like-for-like sales rose 6.4% in the 13 weeks to 28 December. Comparable sales in the Food department lifted by 8.9% on a year earlier and by 1.9% in Clothing, Home and Beauty. Chief executive Stuart Machin said: "This was another good Christmas for M&S, building on a strong performance in the prior year.”.
Sales records included the biggest single day in Food and the best ever online week for Clothing, Home & Beauty. Machin said: “The external environment remains challenging, with cost and economic headwinds to navigate, but there is much within our control.”.
He added: “Transforming M&S is a marathon, not a sprint, and we go into 2025 shifting up a gear and raring to go as we accelerate the scale and pace of change.”. The pound came under further pressure today, falling to $1.2311 after dropping yesterday to its lowest level versus the US dollar since April last year.
