Tesco boss Dave Lewis has blamed the “subdued” Christmas grocery market on widespread promotional activity and heavy investments in price, rather than the fragile consumer backdrop.
Britain’s biggest grocer grew like-for-like sales 0.4% in its core UK and Ireland business during the six weeks to January 4 and registered the biggest sales day in its 100-year history on December 23.
Lewis hailed that as “quite an achievement”, coming against a backdrop of intense price competition in the food market.
Tesco said its basket sizes were “smaller in terms of value” during the festive period as a result of the investments it made in price.
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