Although its third quarter group sales were up 17.5% and its like-for-like sales at UK supermarkets rose 6.9%, Tesco’s share price grew by a comparatively miserly 3.4% over the last month.
This was enough for the price, which reached a peak of 251p in the past four weeks, to hit an 18-month high.
This was still lower than the price just over two years ago when The Grocer first bought its portfolio of shares. The £100 worth of shares we bought in 2001 are worth £93.67, a loss of 6.3%.
Despite poor interims, JS shares were up 1.6% helped by the announcement that M& S’s director for food Justin King will take over as group chief executive in March 2004.