Tesco, UK's giant supermarket chain will be revealing its third-quarter earnings figures on Tuesday, and these are set to give investors a reason to smile. For the first time in almost 2 years, the firm would report a rise in market share growth for the quarter up-to November 12. The figures have been confirmed by TNS Worldpanel figures.
Experts believe that the chain is reaping benefits from its "Double Clubcard Points" promotion scheme, and is also tied with a fierce price battle with all of its rivals, just the festive season chimes in.
For the current fiscal year's first six months, the supermarket has already reported an 8.6% hike in profits to 1.55 Billion Pounds, and a 2.7% rise in like-for-like sales, as compared to the same period last year.
Analysts at Evo Securities are now predicting that the growth would grow for Tesco in the third quarter, with like-for-like sales recorded a hike of 2.5% to 3%. This would make Tesco fall right after Morrisons and Asda, which have already reported third quarter rises of 4.3% and 5.6%, respectively.
Tesco is the biggest supermarket group in presence in over 70% of the Britain's post-code areas.