One of the world’s largest retailers. I have a holding in my income portfolio (epic code: TSCO)
Tesco issued their Christmas & New Year trading statement today and performance, as in the 3rd quarter IMS, was weak.
Group
sales in the six weeks to 4 January 2014 declined by -1.2% including petrol
(-1.6% at actual exchange rates) and declined by -0.6% excluding petrol
(-1.1% at actual exchange rates).
In the UK, total sales including VAT and petrol
declined by -1.5% and by -0.6% excluding petrol, with like-for-like sales
declining by -2.4%. International sales declined by -0.7% (Asia -0.6% and Europe -0.8%) at constant exchange rates and -2.2% at actual exchange rates.
Management now
expect to report full year results within the range of current market
expectations of £3,157m to £3,416m for group trading profit. The consensus mean was £3,330m.
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