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Tesco's sales fall in 'challenging' market Tesco's sales fall in 'challenging' market
(32 minutes later)
Sales at the UK's biggest supermarket, Tesco, fell slightly in the months that include the all-important Christmas period. Sales at the UK's biggest supermarket, Tesco, fell slightly in the months that include the crucial Christmas period.
Like-for-like sales in the UK fell by 0.2% in the 19 weeks to 4 January. But stronger takings in the weeks just before the festive period, which included its biggest day to date for food sales, helped bolster performance.
It was the final Christmas under the leadership of Tesco's boss Dave Lewis, who described the UK market as "subdued". It was the final Christmas under the leadership of Tesco's boss Dave Lewis, who said the chain had "performed well" in a "subdued" UK market.
But things were less gloomy at High Street rival Marks & Spencer, where sales grew 0.2%. Tesco said: "The UK environment has clearly been challenging."
The supermarket reported that like-for-like sales in the UK, which exclude new store openings, fell by 0.2% in the 19 weeks to 4 January.
In contrast, rival Marks & Spencer reported a rise in sales for the first time since 2017 in the the 13 weeks to 28 December.
M&S said its food departments had a "standout" run in the two weeks leading up to Christmas.M&S said its food departments had a "standout" run in the two weeks leading up to Christmas.
In the 13 weeks before the final week of December, food sales increased 1.4%.In the 13 weeks before the final week of December, food sales increased 1.4%.
Nevertheless, M&S boss Steve Rowe also described the market as "challenging".Nevertheless, M&S boss Steve Rowe also described the market as "challenging".
On that, he and Mr Lewis agree. Tesco said: "The UK environment has clearly been challenging."
But the supermarket said it outperformed the market and had its "biggest ever day of UK food sales" in the run-up to Christmas.
On Monday, market research firm Kantar said supermarket sales growth over Christmas was the slowest in five years.On Monday, market research firm Kantar said supermarket sales growth over Christmas was the slowest in five years.
Richard Lim, the boss of analyst firm Retail Economics, said M&S could be showing signs of recovery after what was a tough year for the business, which dropped out of the FTSE 100 in September. "There was no sign of the post-election rush many had hoped for in the final weeks before Christmas, with shoppers carefully watching their budgets," said Kantar's Fraser McKevitt.
"Food performed particularly well, benefiting from stronger underlying household finances, but consumers also responded positively to more competitive pricing," he said.
"It appeared that shoppers were prepared to indulge that little bit more this Christmas on food if they spotted value for money."