StockMarketWire.com - Tesco has reported its fifth consecutive Christmas of growth in its latest trading update, with the biggest ever day of UK food sales in its history.

Sales for the supermarket giant grew strongly across the 19-week period, by 3.8% excluding tobacco (3.4% including tobacco), in spite of a subdued market.

The acquisition of the assets of Best Food Logistics is proceeding as planned and Tesco anticipate completion in early March.

Online grocery business also made a strong contribution, with nearly 15% growth in orders.

On December, 8 2019 the high street supermarket confirmed that, following inbound interest, it has commenced a review of the strategic options for the businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses.

No decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can be no assurance that any transaction will be concluded, the business has said. A further announcement will be made if and when appropriate.

On an underlying basis and taking account of the impact of Tesco's decision to exit the mortgage market in September, Tesco Bank sales grew by 0.1% in the third quarter, 1.6% over Christmas and 0.5% in the 19-week period.

Dave Lewis, chief executive of Tesco, said: "In a subdued UK market we performed well, delivering our fifth consecutive Christmas of growth.

"In our Centenary year, our customer proposition was compelling, our product offering very competitive and thanks to the outstanding contribution of our colleagues, our operational performance was the best of the last six years. As a result, this Christmas we had the biggest ever day of UK food sales in our history."



Story provided by StockMarketWire.com