Strong Christmas sales for retail giants
By Sarah Wood | 11th January 2024
Two of the UK's biggest retailers have reported bumper Christmas sales.
Marks & Spencer posted a better-than-expected 8.1% rise in like-for-like sales in the 13 weeks to December 30.
The retailer saw UK sales rise to £3.6bn for the quarter, driven by growth in food sales and a strong performance in womenswear, as reported by Retail Gazette.
M&S food sales soared 10.5% to £2.3bn, with customers doing more of their big shop with the retailer.
Meanwhile, Tesco has upgraded its profit guidance for the year after a 7.5% rise in sales for the 19 weeks to January.
Like-for-like sales in the four weeks to Christmas were up 9.2% higher in the four weeks to Christmas.
Tesco online sales increased by 11.5% in the run-up to Christmas and sales of the premium Finest range surged by 16.7%.
Now Britain's biggest supermarket has increased profit guidance to £2.75bn from its previous forecast of £2.6bn to £2.7bn.
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