Executive Summary

• The UK’s largest retailer, Tesco, reported 3Q17 group comps of 1.5%, slightly ahead of the consensus estimate of 1.3%. In the UK, 3Q17 comps came in at a robust 1.8%.
• In the subsequent six-week Christmas trading period ended January 7, UK comps came in at 0.7% against more demanding comparatives.
• The company’s 3Q17 performance marked its eighth consecutive quarter of positive comparable volume growth in the UK.