Retail

Tesco raises profit forecast as M&S reports record customers

Retailers announce strong Christmas trading with Tesco Ireland reporting sales of €1.3 billion in the 19 weeks to January 6, up 7.5 per cent year-on-year

Tesco said it now expects a retail-adjusted operating profit of £2.75 billion for the year, up from a previous range of between £2.6 billion and £2.7 billion

Tesco has said profits for the year are now set to be bigger than previous targets after bumper sales over the key Christmas period.

The news comes as Marks & Spencer said it starts 2024 with a “spring in our step” after sales jumped over Christmas and its food halls saw a record number of shoppers.

Tesco said like-for-like retail sales across the group rose by 6 per cent over the six weeks to January ...