Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Tesco adds market share, grows sales, strengthens FY guidance
It may have been a sluggish start to the year for earnings news but Thursday’s pace picks up somewhat with grocery giant Tesco LON:TSCO issuing a Q3 and Christmas Trading Statement. Sales for the 19 week period are up by 2.9% with wholesaler Booker being the only point of weakness. The company outperformed the sector on both value and volume, growing market share by 23bps. Online sales grew 11% and use of the Woosh delivery service was up by 47%. Full year profits are now expected to land at the upper end of guidance.
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2. Food channels performing well at M&S, less cheer for other sectors
Another retailer updating from the Christmas period was Marks & Spencer LON:MKS who issued a trading update for the 13 weeks to 27th December. Total sales for the period were just a shade under £5bn, with food sales performing well under both the M&S and Ocado banners. The Fashion, Home & Beauty category did however contract but the group outlook remains unchanged. The update does however caution on the need to accommodate the uncertain consumer environment as 2026 gets underway.
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3. Discounting at Primark and mixed food trading weight on ABF outlook
Primark owner Associated British Foods LON:ABF completes the set this morning, with an update for the 16 weeks to 3rd January. It has been a challenging start to the financial year although in the UK, the fashion banner delivered encouraging sales growth of 3%, but performance in the US and Continental Europe was less encouraging, leaving Primark sales below forecasts. Discounting has been increased and that in turn is hitting profitability. With mixed trading in the food business too, operating profits are set to be below last year’s levels.
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