Supermarket giant Tesco, a top ten holding of Iain Stewart’s Newton Balanced fund, has seen its share price dip after sales fell in the third quarter.
In its latest interim management statement, Tesco reported that like-for-like sales in the UK, excluding fuel and VAT, fell 0.9% in the 13 weeks to November 26. The group’s shares were down 1.55% at 0952 GMT to 390.75p on the back of the news.
“UK consumers remain under pressure from rising unemployment, falling real wages and increasing living costs,” Tesco says. The supermarket adds that it is attempting to boost revenue by cutting prices across its stores.
Tesco accounts for 1.5% of Stewart’s £2.6 billion Newton Balanced fund. The stock is also owned by Sebastian Lyon’s £1.6 billion Trojan fund and Tineke Frikkee’s £2.4 billion Newton Higher Income fund.
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