Jan 14, 2021

Tesco sticks to profit forecasts despite jump in Covid-19 costs

Tesco has maintained its annual profit forecasts despite a jump in Covid-19 costs and slower Christmas sales than some analysts expected. The rising costs came as the chain reported same-store sales in the UK, where it is the market leader, rose 8.1 per cent in the six weeks to January 9. For the third quarter as a whole, UK sales grew 6.7 per cent, with strong growth online, as Tesco expanded the number of delivery and collection slots available. Like peers, Tesco said trading was helped by strong demand for premium ranges, with sales of its Finest lines up 14 per cent. Income at Tesco Bank fell 27 per cent, reflecting the impact of the pandemic on borrowing, travel money and cash machine use.

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