Tesco and Marks & Spencer record soaring profits over Christmas in huge retail boost | City & Business | Finance

Tesco, meanwhile, saw profits for the 19 weeks ending on the January 8 rise 8.6 percent compared to two years ago.

It also boasted the highest market share in four years with share of both online and in store sales increasing.

Tesco chief executive Ken Murphy said: “Despite growing cost pressures and supply chain challenges in the industry, we continued to invest to protect availability, doubled down on our commitment to deliver great value and offered our strongest ever festive range.

“This put us in a strong position to meet customers’ needs as, once again, COVID-19 led to a greater focus on celebrating at home.

“As a result, we outperformed the market, growing market share and strengthening our value position.”