Tesco Plc S/Adr (TSCDY) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and a very happy new year. Thank you for joining us today for our quarter three and Christmas trading update. As usual, I'm here in Welland with Imran, and I'll start with a brief overview of our performance before opening the line for your questions. We are delighted with the way the customers have responded to our continued investments in value, quality and service. Group like for like sales grew by 2.9% over the 19 weeks, including 3.7% growth in the UK. Customer satisfaction improved and our UK market share is at its highest level in more than a decade, following 32 consecutive periods of gains. We set ourselves a challenging plan for Christmas and we delivered in line with that plan. With over 2 billion products going through our tills and more than 6 billion pounds of sales in the four weeks to Christmas Eve, our teams right across the group worked hard to deliver the outstanding service that customers have come to expect from Tesco. I would like to start the call today by saying a huge thank you to them for delivering a Christmas we can all be proud of. Our performance builds on last year's successful results and reflects the strength of our core food offer. In a highly competitive market and with customers looking to make their money go further, we saw particularly strong growth in fresh food, with like-for-like sales up 6.6% in the UK. Running alongside familiar festive favourites, we launched 340 new and improved own-brand Christmas products, including 180 in finest. We recognise that for many families, the cost of Christmas can be a stretch. We did everything possible to make sure our customers got the best value from us, starting with our fresh Christmas dinner for a family of six for under £10. At just £1.59 per person, it was eve...