Tesco on track for solid set of figures


Tesco is expected to signal that renewed consumer confidence has helped deliver solid full-year results when it updates the market on Tuesday.

Britain's largest grocer will say its loyalty card has attracted new customers, shoppers are trading up to its posh food range, and its problem business in Ireland had been turned around.

Analysts forecast underlying sales growth for the second half will have decelerated to 2.7pc from the first half's 3.7pc, bringing the total for the year at around 3.1pc.


Christmas come early: Tesco will say shoppers are buying more of its posh food range

Annual profits at the supermarket giant are on course to hit £3.3bn on total sales of £58.7bn.

The UK still represents 70pc of sales and Dave McCarthy, an analyst at City firm Evolution, said: 'Upcoming results are likely to further confirm difficult trading conditions while market share data suggests that while industry growth has converged, Tesco is, at best, performing in line.'

Tesco (down 8.05p to 435p) will say a record number of shoppers are buying their groceries online using the same shopping list each week to control their spending.

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