Tesco (LON:TSCO) is expected to reveal a rise in sales over the crucial Christmas period, Reuters has reported. Britain’s biggest grocer is scheduled to report on Thursday.
Tesco’s share price has jumped in London in today’s session, having added 1.11 percent to 212.03p as of 14:05 GMT, outperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.11 percent lower at 7,715.51 points. The group’s shares have added more than six percent to their value over the past year, as compared with an over seven-percent rise in the Footsie.
Tesco to report rise in sales
Britain’s biggest supermarket is scheduled to publish data for its third quarter to November 25, as well as the six weeks to January 6 and Reuters reports that analysts forecast like-for-like sales to have climbed between 1.7 percent and 2.4 percent for the quarter. Over the crucial festive period, the grocer’s like-for-like sales are expected to have advanced between 2.4 percent and 3.2 percent.
The newswire notes that Tesco’s results will follow industry data from researcher Kantar Worldpanel tomorrow which will provide an early guide to the grocer’s results, as well as those of peer Sainsbury’s (LON:SBRY), which reports on Wednesday. Wm Morrison Supermarket’s (LON:MRW) Christmas trading results meanwhile are due out tomorrow.
Other analysts on Tesco
The 15 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 210.00p on the shares, with a high estimate of 270.00p and a low estimate of 165.00p. As of January 6, the consensus forecast amongst 21 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.