Tesco share price: Grocer continues strong sales run in Ireland

Supermarket clinches second position in 12 weeks to December 3

Tesco share price: Grocer continues strong sales run in Ireland

Tesco (LON:TSCO) saw a strong grocery sales run in Ireland in the 12 weeks to December 3, the latest industry numbers have shown. The company clinched the second position, falling behind market leader Dunnes Stores.

Tesco’s share price has been little changed in London in today’s session, having inched 0.02 percent higher to 206.10p as of 10:25 GMT, marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.21 percent higher at 7,552.73 points. The group’s shares have added a little over two percent to their value over the past year, as compared with about a 7.5-percent gain in the Footsie.

Strong performance in Ireland continues

Kantar Worldpanel Ireland announced in a statement today that Tesco’s sales in the country had grown 4.7 percent in the 12 weeks ending December 3, clinching the second position behind market leader Dunnes Stores. The grocer’s market share meanwhile rose 0.5 percentage points to 22.3 percent.

“Tesco has continued its strong run of form as we approach the peak Christmas shopping season, with consumers visiting the store more frequently and buying more items every time they shop,” David Berry, director at Kantar Worldpanel, commented in the statement.

The figures come after Tesco saw the strongest grocery sales growth in Ireland for the 12 weeks ended November 5, with the company posting a 5.1-percent rise.

Analysts on Tesco

The 16 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 200.00p on the shares, with a high estimate of 270.00p and a low estimate of 165.00p. As of December 16, the consensus forecast amongst 22 polled investment analysts covering the blue-chip supermarket advises investors to hold their position in the company.

As of 10:43 GMT, Tuesday, 19 December, Tesco PLC share price is 206.05p.

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