Tesco has reported a 3.1 per cent rise in underlying sales over the Christmas period at UK outlets that were open more than a year for the six weeks to January 5th.
Traders said company shares were expected to open at least 4 per cent lower as a result.
Analysts had expected underlying sales to rise by an average of 4 per cent, but the figure is the latest in a series from British retailers pointing to a slowdown in consumer spending amid rising energy costs and weaker house markets.
Tesco's total sales in the United Kingdom grew by 8 per cent in the six-week period, and group sales at the world's third-largest supermarket chain after Wal-Mart Stores and Carrefour rose 12.8 per cent.
International sales grew 26.9 per cent from the 12 countries outside Britain where Tesco operates, while sales in central Europe showed some of the strongest growth, rising almost 30 per cent.