Tesco posts highest UK market share in over a decade as festive sales rise

Tesco reported a 3.3% rise in like-for-like sales in the UK and Ireland over the six weeks to January 3, and said its UK grocery market share reached 28.7% for the three months to December 28, rising to 29.4% in December.

Tesco reported stronger festive trading and said it reached its highest UK market share in more than a decade. The retailer recorded a 3.3% increase in like-for-like sales across the UK and Ireland in the six weeks to January 3, and third-quarter sales rose 4% in the 13 weeks to November 22. The group said the Christmas performance put it on track for annual profits at the upper end of its recently upgraded guidance. Executives also highlighted intense competition across the grocery sector and plans to emphasise value in marketing. Key facts: - Tesco reported a 3.3% rise in like-for-like sales in the UK and Ireland over the six weeks to January 3. - Third-quarter sales rose 4% in the 13 weeks to November 22. - Worldpanel data showed Tesco's UK grocery market share at 28.7% for the three months to December 28 and 29.4% in December. - The group said the Christmas performance put it on track for annual profits at the upper end of guidance of £2.9 billion to £3.1 billion. - Booker wholesale sales fell 2.1% in the six-week Christmas period, a worsening from a 0.9% drop in the third quarter. - The article mentions online sales were up 11.2% at Christmas, and that shares in Tesco fell 5.5% in morning trading after results. Summary: Tesco said its festive trading helped lift market share to a decade high and supported its guidance for annual profits near the top of the range it set. The group reported mixed results across its businesses, with growth in online and premium ranges alongside a decline in Booker wholesale sales. The article notes intense competition across the sector and a return of the blue-and-white striped value logo as part of forthcoming marketing activity.