Supermarket gained market share for the first time since 2011
Companies: Tesco PLC
Tesco has reported an increase in Christmas sales, with fresh food helping the retailer hit its eight consecutive quarter of like-for-like sales growth.
Group LFL sales increased 1.5%, with UK LFL sales up 1.8%, with Tesco finally gaining market share from its competitors for the first time since 2011.
Today's report follows strong results from Sainsbury's, Aldi, and Morrisons earlier this week.
READ: Sainsbury's beats forecasts in positive Christmas period
READ: Morrisons reports best Christmas in seven years
Shares in Tesco opened 2% lower on Thursday morning after the announcement included disappointing figures for non-food sales in the UK.
CEO Dave Lewis said he was very encouraged by the progress being made by the group:
"In the UK, we saw our eighth consecutive quarter of volume growth and delivered a third successful Christmas. Our fresh food ranges proved particularly popular, outperforming the market with great quality, innovative new products and even more affordable prices. Internationally, we have continued to focus on improving our offer for customers in challenging market conditions."
Tesco, like the other three major supermarkets, has been striving to be more competitive in the face of increasing competition from lower-end retailers:
"We are well-placed against the plans we shared in October to become more competitive for customers, simpler for colleagues, and an even better partner for our suppliers, whilst creating long-term value for our shareholders."
