Tesco 1st Half Pretax Profit Fell on Increased Costs; Backs Fiscal Year 2023 Guidance
2022年10月5日 - 03:54PM
Dow Jones News
By Joe Hoppe
Tesco PLC said Wednesday that its pretax profit fell in the
first half of fiscal 2023 on increased costs, and it backed its
guidance for the full year despite post-coronavirus market
normalization and customer cost-of-living increases.
The U.K.'s biggest grocer by market share made a pretax profit
of 413 million pounds($473.9 million) in the six months ended Aug.
27, down from GBP1.14 billion a year earlier, on increased finance
costs and higher cost of sales.
Revenue rose to GBP32.46 billion from GBP30.42 billion a year
before.
The company said that postpandemic normalization has been
compounded by cost-of-living-driven changes in customer behavior,
but said its solid business performance and acceleration of its
Save to Invest program have led to a good first-half financial
result.
As a result, it backed its adjusted retail operating profit
guidance for the full year of GBP2.4 billion-GBP2.5 billion. The
Tesco Bank business is expected to deliver an adjusted operating
profit of around GBP120 million to GBP160 million.
The company's board declared an interim dividend of 3.85 pence a
share, up from 3.20 pence a year earlier.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 05, 2022 02:39 ET (06:39 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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