Tesco shares opened 3% higher this morning. While the sales figure was better than City expectations, it was helped by comparisons with the previous Christmas, when the chain admitted mistakes with its pricing strategy in a performance that wiped billions of pounds from its share price.
In line with other retailers, Tesco said it enjoyed a strong online performance, with food sales growth of 18%. More than half a million food orders were fulfilled in the week before Christmas, with nearly 5% being picked up by customers using its drive-through Click & Collect service.
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