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Tesco raises profit outlook floor after first-half rise
The supermarket group cited stronger online and Ireland sales as it forecast adjusted operating profit of £3.15 billion to £3.3 billion.
- Tesco lifted its full-year adjusted operating profit guidance to $4.16 billion to $4.36 billion after reporting a 6.5% profit increase for the first half of the year.
- The Supermarket group reported an adjusted operating profit of $2.35 billion for the 26 weeks ending August 29, with sales excluding VAT and fuel rising 2% to $33.8 billion.
- Online channels led growth at 11.9% year-on-year, while Tesco Finest performance rose 12.8% and Irish like-for-like sales grew 4.1%, securing 24.1% market share in Ireland.
- Like-for-Like sales rose 1.5% during the half, facing a tough comparative against last year's 4.6% growth when disruption at Marks, Spencer, Co-op, and Asda helped competitors.
- Tesco shares have risen 8% so far this year, though management noted a very hot summer weighed on sales volumes and conflict in the Middle East created household uncertainty.
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What Tesco (TSCO) Said on Its H1 Earnings Call
Tesco (LON:TSCO) reported higher first-half sales, profit, cash flow and earnings per share, while raising its share buyback plan and narrowing its full-year adjusted operating profit outlook toward the upper half of its previous range. Speaking on the company’s earnings call, Ken said Tesco achiev
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Total News Sources22
Leaning Left1Leaning Right0Center7Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
13%
C 87%
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