Tesco remains confident the economy is in recovery despite slower than expected UK like-for-likes.
Like-for-like sales in the 13 weeks to November 28, excluding petrol and adjusted for VAT, rose 2.8%, with analysts expecting 3%.
Tesco executive director for corporate and legal affairs Lucy Neville-Rolfe said: “We’re pleased with our progress.”
Non-food sales improved and international sales climbed 3.7%. Neville-Rolfe said sales of Tesco’s Finest ranges had picked up too.
Tesco’s group sales increased 8.8%, excluding petrol. Growth was 7.7% including petrol.
According to TNS, Tesco’s share of the grocery market, excluding petrol, was 30.6% in the three months to November 29 – unchanged from the same period last year.