Tesco indicated its sales increase is 1.8% on a like-for-like basis that strips out new store openings, petrol sales and VAT sales tax.
The Christmas trading figures were better than Tesco’s performance over the same six-week period across 2011-2012, when it posted a like-for-like sales decline of 2.3% in the UK.
However, Sainsbury’s has refuted the figures released by Tesco claiming they are not IFRIC compliant, and that they include Clubcard point sales; even without them, Tesco still recorded a 1.4% increase in like-for-like sales.
Also, in the case of the figures released by Sainsbury’s the results quoted are for the 14 weeks from 30 September to 5 January, a whole quarter’s worth of sales. For Tesco, the results were just for the busy six week period leading up to and over Xmas.
Outside of the UK, Tesco said like-for-like sales in Europe fell 3.6%, and 2.1% in the US. Like-for-like sales in Asia fell 0.2%.