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Tesco interim earnings improve

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Christian Fernsby ▼ | October 2, 2019
Tesco bank
Tesco   Tesco bank

Tesco said it has delivered its turnaround goals during the first half of its current financial year and said chief executive Dave Lewis will step down.

Topics: Tesco

Lewis will leave the company next summer and will be replaced by Ken Murphy, the former commercial chief of retail pharmacy Walgreens Boots Alliance Inc, which owns Boots UK Ltd.

Turning to the grocer's half-year figures, in the six months to August 31, Tesco reported 0.6% year-on-year growth in revenue to GBP31.91 billion from GBP31.73 billion. Pretax profit was up by 6.7% to GBP494 million from GBP463 million.

Group sales, excluding fuel, rose slightly to GBP28.30 billion from GBP28.29 billion.

UK & Ireland sales stayed at GBP22.42 billion, up 0.1% from GBP22.40 billion and in Asia sales grew by 8.1% to GBP2.56 billion from GBP2.37 billion. Central Europe sales, however, lagged by 7.4% to GBP2.76 billion from GBP2.98 billion.

Tesco Bank sales stayed broadly flat at GBP562 million, Tesco added.

On a like-for-like basis, group sales fell 0.4% year-on-year with 0.1% growth in the UK and Ireland being hampered by a 3.1% decline in Central Europe and a 1.3% lag in Asia.

The grocer hiked its interim dividend by 59% to 2.65 pence per share from 1.67p paid the year before.

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