Tesco hails highest market share for more than a decade

Supermarket 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 per cent rise in UK and Ireland like-for-like sales over the six weeks to January 3, with growth of 3.2 per cent in the UK and 3.8 per cent across Ireland. Sales over its third quarter before the Christmas period lifted four per cent in the 13 weeks to November 22.

The group increased its share of the UK grocery market to 28.7 per cent in the three months to December 28, which jumped to 29.4 per cent 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.