Impressive Growth in Christmas Grocery Sales for Tesco
The UK’s leading retailer, Tesco, has reported a significant increase in grocery sales over the recent festive period. The supermarket chain experienced a 6.8 percent rise in like-for-like Christmas sales during the six weeks leading up to January 6, 2024. This surge further extended to 7.5 percent for the 19-week period ending on the same date.
Strong Market Performance and Price Cuts Drive Sales
Tesco’s successful festive season was marked by a notable boost in market share, reaching 27.9 percent in the four weeks leading up to Christmas. The retailer also saw consistent volume growth, particularly in the fresh food category. Tesco attributes part of this success to significant price reductions on nearly 2,700 products during the festive season, along with an additional 150 price cuts announced on January 11.
Tesco CEO Highlights Value and Quality in Festive Offerings
Ken Murphy, Chief Executive of Tesco, expressed satisfaction with the team’s efforts to provide customers with an exceptional Christmas experience. Emphasizing Tesco’s focus on value, Murphy highlighted their affordable Christmas dinner offerings and the record sales leading up to the holiday. The company also concentrated on quality and innovation, introducing over 550 new and improved festive products. The Finest range, in particular, attracted over 18 million customers and saw a sales growth of nearly 17 percent. Murphy concluded that Tesco’s blend of value, quality, availability, and service positions the retailer strongly for the New Year.