Britain's biggest retailer, Tesco, defied tough trading conditions with a 7.6% rise in same-store Christmas sales and said it was on course to meet analysts' full-year consensus profit forecast.
The supermarket chain, which takes about £1 in every £8t spent in Britain's shops, said UK same-store sales, including petrol, rose 9.3% in the seven weeks to January 8. Group sales rose 13% and total UK sales were up 12.1%.
'The group's strong sales performance means that, despite higher energy and fuel costs and adverse movements in exchange rates, we remain confident that our out-turn for the year will be in line with current market consensus,' Tesco said in a trading update this morning.
Rivals UK supermarket groups Morrison and Sainsbury last week reported flat core Christmas sales and a small fall respectively, and electronics and homeware retailers have also been struggling as indebted consumers rein in spending amid rising interest rates.
