Tesco Irish sales rise as United Kingdom flop hits shares

High Street crash

The high street bellwether blamed a mild October for a 2.8% fall in like-for-like clothing and home sales over the 13 weeks to December 30, while it said "ongoing under-performance" in its food arm left sales 0.4% lower.

The timing of these companies' announcements couldn't come at a more telling time, coming against the backdrop of a stellar period for German discounters, as per Kantar data earlier in the week, and outstanding performances from fashion retailers.

United Kingdom supermarket Tesco (TSCO) reveals strong third quarter performance, but fails to hit market expectations.

But Tesco said it is working with suppliers to mitigate inflation and Mr Lewis said consumers are still cautious about how they spend their money.

The supermarket group said that over the 19 weeks to January 6, it had experienced the highest rate of market share growth in Ireland for five years with like-for-like sales increasing by 3.5%.


Investec sees better value elsewhere, although it looks like finding these nuggets won't be easy after an inconclusive run of festive trading updates. UBS analyst Daniel Ekstein said it appeared that sales volumes had found a sweet spot, although there were still concerns about the impact on margins.

However, when taking all of the Big 4 retailer's global markets into account, total like-for-like sales grew by 0.6 per cent during that period, but overall sales enjoyed a 1.8 per cent uplift.

However, the supermarket giant said its performance was hurt by poor general merchandise sales and the collapse of wholesaler Palmer & Harvey, which exerted a strain on its distribution network and hit tobacco sales. The stock was more than 5% cheaper Thursday at 202p amid ongoing fears about the extent that retailers have sacrificed margins to achieve top line growth. Their signature luxury products are being undercut by bargain supermarkets at a fraction of the price.

Its figures were released at the same time as rival John Lewis, which reported a 3.1% rise in like-for-like sales for the six weeks to 30 December.

Recruitment firm Hays climbed nearly 3 percent on posting double-digit growth in Q2 net fees. The retailer's United Kingdom like-for-like sales were 1.9pc higher.

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