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11 Jan 2018 | By Ed Meier

Tesco Christmas trading update

It is slightly unfortunate that the headline numbers have taken a little shine off what are good underlying results for Tesco over the Christmas season.

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Ed Meier, manager of the Old Mutual UK Equity Income Fund, Old Mutual Global Investors

“It is slightly unfortunate that the headline numbers have taken a little shine off what are good underlying results for Tesco over the Christmas season. Headline like-for-like sales will probably disappoint the stock market but the core profit driver, food, still generated 3.4% of sales on a same-store basis as the group continued to grow grocery volumes in spite of inflation. This is bang in line with the strategy to take the business towards that 3.5%-4% margin where, we believe, approximately 20 pence earnings per share can be generated.”

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