Tesco's latest results have surpassed expectations, with an increase in sales of 17.5 per cent. The store has revealed an increase in like-for-like sales of 6.9 per cent in the 14 weeks to mid-November.
The figure is well above analysts' forecasts and the store has attributed its success to four key areas. Winning in the core UK through the best all-round shopping experience, growing the non-food market share, being innovative in retailing services and growing its international business at a rate ahead of its major competitors.
Analyst Mark Hughes, at Numis Securities, said: “This is a stronger performance than anyone expected.” Tesco commented that it expected sales growth to moderate in the months ahead.
Tesco finance chief Andrew Higginson said: “We would expect a return to normal levels of trading in the future.
The store's latest sales numbers confirms its number one position in the UK grocery sector, with its share of the market now estimated at 27 per cent.
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