Tesco profits to beat expectations after strong Christmas trading

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On Thursday, Tesco’s full-year operating profit from retail business “slightly outperforms the previously shown range of £ 2.5 billion to £ 2.6 billion after Christmas trading performance, reflecting that of rival J Sainsbury. “.

UK sales during Christmas increased 0.2% compared to last year, surpassing Citi’s flat sales estimate. It increased by a similar amount for 19 weeks until January 8.

Ireland’s sales increased during Christmas, but declined throughout the quarter. Meanwhile, Booker’s wholesale division recorded strong growth against last year’s weak comparisons, where many pubs and restaurants were restricted by the coronavirus.

Online sales were below last year’s levels, but still more than 50% higher than they were two years ago, with the company placing a record 1.2 million orders each week.

Tesco Bank’s profits are expected to be between £ 160m and £ 200m, compared to previous forecasts of “at least £ 120m” after bad debt was lower than expected.

Tesco profits to beat expectations after strong Christmas trading Source link Tesco profits to beat expectations after strong Christmas trading

The post Tesco profits to beat expectations after strong Christmas trading appeared first on California News Times.

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