Tesco Reports Improved Performance But Warns On 2010

The UK's largest retailer Tesco has reported sales growth over the Christmas period well ahead of expectations. In the six weeks to January 9 sales at UK stores open for at least a year increased by 4.9% (excluding petrol and VAT), compared with an average forecast of 3%. The figures represent a significant improvement on Tesco's previous results for 2009, which had seen it lag well behind its competitors. However, like many of its rivals Tesco expressed concerns for 2010, due to continued high unemployment and need to ease the country's fiscal deficit.

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