Tesco raises profit guidance after strong Christmas sales

Tesco (TSCO) raised its profit guidance for the second time since October on the back of robust festive trading, with UK like-for-like (LFL) sales at the nation’s largest supermarket rising 9.2 per cent in the four weeks to Christmas as premium product sales surged and prices were cut. Management now expects a retail adjusted operating profit of around £2.75bn for the full year, up from its previous forecast of £2.6bn-£2.7bn.