Tesco Raises Profit Forecast Following Record Christmas Sales

Supermarket giant ends year with increased market share, boosted by surge in premium product sales and successful online strategy.

Tesco has raised its annual profit forecast to £2.75bn, up from the previously expected range of £2.6bn-£2.7bn, following record Christmas sales.
Sales at Tesco were up 9.2% over the four weeks to December 25, with a 16.7% surge in sales of its premium Finest products.
Tesco ended the year with 27.6% of total market share, higher than at the beginning of 2023, holding off advances from Aldi and Lidl.
Online sales at Tesco rose by 11.5%, bouncing back from a more difficult period during the pandemic lockdowns.
Tesco's CEO, Ken Murphy, predicts minimal impact from the ongoing attacks on Western shipments in the Red Sea, but warns of potential inflation on some items if products are forced to be rerouted.