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January 15, 2008

UK: Tesco shares slip as UK sales miss forecasts

Shares in Tesco have slipped by more than 3% this morning (15 January) after the company’s performance over Christmas and the New Year missed analysts’ forecasts.

Shares in Tesco have slipped by more than 3% this morning (15 January) after the company’s performance over Christmas and the New Year missed analysts’ forecasts.

Tesco, the UK’s largest grocer, insisted it had delivered a “strong” performance after buoyant international sales drove a 12.8% in revenue during the six weeks to 5 January.

However, Tesco’s domestic performance disappointed investors. The company reported underlying UK sales growth of 3.1%, slightly lower than the 3.7% rise in sales registered by rival Sainsbury’s last week.

Total UK sales were up 8%, partly boosted by increased selling space. Nonetheless, Tesco’s shares stood at 327p (US$6.41) at 09:12 GMT, down 3.3%.

Outside the UK, Tesco saw sales leap almost 27% thanks to growth in central Europe and Asia.

Tesco added that its Fresh & Easy, its US business, had a “very encouraging” start since it opened in November.

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