UK: Tesco dismisses revenue modesty
A report citing a city analyst who said Tesco could be "dressing down" its like-for-like sales ahead of the Competition Commission's inquiry into the retail sector have been refuted by the UK retailer.
According to the Daily Telegraph, Tesco's finance and strategy director, Andrew Higginson, was furious upon hearing from the newspaper that HSBC analyst Greg Lawless reportedly said the company could be playing down its success.
A company spokesperson told just-food: "The analyst is incorrect, it is total nonsense that we would do that. Our results are true and correct, as you would expect from a FTSE 100 company."
Tesco announced yesterday that UK underlying sales were up 5.9% for the six-week festive period to 6 January 2007, while like-for-like revenue increased by 5.4%.
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