Summary
Tesco and Marks & Spencer (M&S), two large UK retail companies, reported strong food sales during the Christmas season. M&S faced declines in its clothing and home products, partly due to past cyber-attack issues. Both companies saw growth in their market share for food sales.
Key Facts
- Tesco's UK sales increased by 3.2% compared to the previous year.
- Tesco reported its highest market share in over ten years.
- M&S saw a record number of customers and strong food sales during Christmas.
- M&S's clothing, home, and beauty sales dropped by nearly 3%.
- The decrease in M&S's non-food sales was linked to fewer shoppers on the High Street and leftover challenges from a past cyber-attack.
- Tesco's Finest product range grew by 13% in sales.
- Tesco expects to report annual operating profits around the higher end of its predicted range of £2.9 billion to £3.1 billion.
- M&S's CEO mentioned that their food business reached a new market share milestone.
