British retailers cheer Christmas sales, but City analysts warn of coming storm

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City AM

By Jack Barnett Britain’s largest retailers kicked off 2023 strongly last week, posting better than expected Christmas sales, signalling the consumer is holding up a bit better than feared. Tesco’s like for like sales were 7.9 per cent higher, while Marks and Spencer pocketed a 7.2 per cent rise. Sainsbury’s also posted record Christmas sales. Those bumper numbers, alongside a shock 0.1 per cent GDP rise in November confirmed by the ONS on Friday, indicate some of the worst bets on the UK economy may not materialise. But, despite the decent set of results, shares of supermarkets Tesco and Sain…

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