Tesco: shares drop after disappointing Christmas report
(CercleFinance.com) - Tesco shares are down almost 5% on Thursday after the supermarket group issued a disappointing third-quarter and Christmas trading statement.
The British retailer said that group sales at stores open at least a year rose just 0.9% in the 19 weeks to 6 January 2018.
"As far as the Christmas period is concerned, performances were rather disappointing in the UK," Bryan Garnier analysts point out in a research note this morning.
Tesco said like-for-like sales at its British stores grew by 1.9% in the Christmas period, with the 3.4% growth in food being offset by a drag in general merchandise and tobacco sales.
The consensus was expecting 2.8%.
Despite this, Tesco said it was confident in its full-year outlook and is firmly on track to deliver medium-term targets.
However, the shares were performing poorly this morning on the London Stock Exchange, down 4.8% at 201.70 pence.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British retailer said that group sales at stores open at least a year rose just 0.9% in the 19 weeks to 6 January 2018.
"As far as the Christmas period is concerned, performances were rather disappointing in the UK," Bryan Garnier analysts point out in a research note this morning.
Tesco said like-for-like sales at its British stores grew by 1.9% in the Christmas period, with the 3.4% growth in food being offset by a drag in general merchandise and tobacco sales.
The consensus was expecting 2.8%.
Despite this, Tesco said it was confident in its full-year outlook and is firmly on track to deliver medium-term targets.
However, the shares were performing poorly this morning on the London Stock Exchange, down 4.8% at 201.70 pence.
Copyright (c) 2018 CercleFinance.com. All rights reserved.