Tesco's disastrous Christmas

PA

Brokers are predicting that Tesco is set to announce that it has had its worst Christmas for years. According to The Daily Mail, JP Morgan Cazenove forecast a 1.5% drop in sales from those stores that have been open for a year or longer. This constitutes a massive disappointment, and coincides with news that it now accounts for 28.9% of all food spending - compared to 29.3% a year ago.

So what's going on?