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Tesco raises full-year outlook after strong first half By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A Tesco logo is seen outside of a Tesco store in Hatfield (Britain), October 6, 2020. REUTERS/Peter Cziborra/File Photograph GLOBAL WEEK Ahead

LONDON (Reuters – Tesco, Britain’s most popular retailer, increased its full-year outlook. It reported a 16.6% growth in core retail profits and sales despite the disruption to supply chains and labor.

After previously forecasting a similar result for 2019-20, the group now expects a retail adjusted operating profit between 2.5 billion and 2.6 Billion Pounds ($3.40-$3.54 Billon).

Tesco holds 27% of Britain’s grocery market. It reported an adjusted retail operating loss of 1.386billion pounds for the first six months. That’s more than analysts expected at 1.262billion pounds or 1.192billion pounds respectively.

Group sales in the first half rose 2.6%, to 27.3 billion dollars, and UK sales like-for-like rose 1.2%. They had risen 0.5% during the previous quarter.

In line with previous years, Tesco has paid an interim dividend in the amount of 3.2 pence.

($1 = 0.7351 pounds)

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