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Steady Christmas sales at Tesco 'Solid' Christmas sales at Tesco
(20 minutes later)
Tesco says it saw a modest rise in UK sales over the Christmas trading period, with trade in non-food items performing well. Tesco says it saw "solid" UK sales over the Christmas trading period, with trade in non-food items such as clothing performing well.
The supermarket saw UK like-for-like sales excluding petrol, which strip out the effect of new stores, rise 3.1% in the six weeks to January 5. The supermarket saw UK like-for-like sales excluding petrol, which strip out the effect of new stores, rise 3.1% in the six weeks to 5 January.
The chain said clothing, entertainment-related items and books sold particularly well over the period. While better than some other retailers over the Christmas period, the sales figures missed analysts' expectations.
Its online business saw a 24% rise in sales over the festive period. Tesco said clothing, entertainment items and books sold well.
International growth
Analysts had been expecting Tesco to report a 4% rise in like-for-like sales.
Rival Sainsbury's saw its like-for-like sales excluding fuel rise 3.7% in the 12 weeks to 29 December.
Some other High Street retailers have reported poor festive trading, raising fears of an economic downturn.
Tesco said overall group sales rose 12.8% in the six week period, with international sales increasing by 26.9%.
It said its newly launched Fresh & Easy stores in the United States had received a "very encouraging" response from customers.
Tesco's online business saw a 24% rise in sales over the festive period.