Tesco hails rise in market share

THE supermarket chain Tesco has hailed its highest market share for more than a decade as it notched up a rise in festive sales, despite “intense” competition.

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The UK's biggest grocery chain reported a 3.3% rise in UK and Ireland like-for-like sales over the six weeks to January 3, with growth of 3.2% in the UK and 3.8% across Ireland. Sales over its third quarter before the Christmas period lifted 4% in the 13 weeks to November 22.

The group increased its share of the market to 28.7% in the three months to December 28, which jumped to 29.4% in the key Christmas month, according to Worldpanel data.

The group said the strong Christmas performance meant it was now on track for annual profits at the upper end of its recently-upgraded guidance for between £2.9 billion and £3.1 billion.