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Tesco (TSCO) shares flat despite “market-leading” Q4
Tesco (TSCO) shares were flat on Thursday after the British supermarket said that the coronavirus and bank losses had hit its bottom line in Q4, though it did still manage to post a 5.6% spike in sales.
Tesco said that its performance was “market-leading” during the festive period, as its focus on delivering “great value” in safe conditions resonated with customers who wanted to make the most of a Christmas beset by COVID-19 restrictions.
This helped retailer sales to grow 5.6% for the 19 weeks to 9th January, which is in roughly the same ballpark as rivals Sainsbury’s (SBRY) (+8.6%) and Morrisons (MRW) (+7.3%).
Tesco managed to deliver over 7m online orders in December and increase its subscriber numbers to more than 680,000 for its Delivery Saver service.
Unlike other industries, supermarkets have continued to see strong demand for goods since the start of the pandemic, and Tesco said that its full-year profit guidance would come in just ahead of 2019.
Shore Capital analysts said that Tesco had posted strong numbers, but believe that overall it was only a “sideways update”.
There wasn’t much enthusiasm among investors either, as Tesco shares limped to a 0.29% decline on the London Stock Exchange on Thursday.
Tesco, now trading at 241.40 GBX, is down around 4% for the past year.
ASOS (ASOS) also fell 0.19%, despite revealing in midweek that UK sales had soared 36% between September and December last year.
Chief executive Nick Beighton said that 24.5 million people shopped online with ASOS in late 2020, a rise of one million.
Boohoo (BOO) slumped 5%, even though its robust performance in Q4 meant that it raised its revenue growth forecast for the year to 36%-38%.
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