Strong Christmas boosts Tesco’s Q3 sales to £19.7bn

Tesco has announced revenues of £19.7bn, a 6.1% increase, in the UK and ROI for the 19 weeks ended 7 January 2023.

The supermarket chain also saw a 6.1% increase in like for like sales for the period including a nearly 8% increase over Christmas.

As a result of this Tesco confirmed that it still expected its FY22/23 guidance to stay at between £2.4bn and £2.5bn.

The company also saw online sales increase 0.2% for the 19 weeks despite decreasing 0.7% for Q3 alone.

CEO Ken Murphy said: “I’m really pleased with our performance over this period – particularly the further strong growth at Christmas on top of the exceptional growth of the last few years.

“We’ve delivered a strong market share performance in the UK and ROI, Booker has continued to grow strongly despite a particularly tough catering backdrop and our Central European business has delivered its highest sales growth for many years.”

He added: “I’m extremely proud of the way Tesco has stepped forward to help customers dealing with tough times this Christmas. By delivering relentlessly on the strategic priorities that we set out 18 months ago, we have made sure that customers know that they will benefit from great value and quality in every part of their basket, however they choose to shop with us.”

Furthermore Tesco maintained its market share of 27.5%.