Tesco Fiscal Year 2019 Profits Beat Forecasts; Jack's Has Strong Start -- Earnings Review
10 Abril 2019 - 9:16AM
Noticias Dow Jones
By Adriano Marchese
Tesco PLC (TSCO.LN) reported market-beating fiscal 2019 profits
on Wednesday.
SALES FORECAST: The U.K. supermarket chain reported an 11% rise
in sales for the year ended Feb. 23 to 63.91 billion pounds ($83.49
billion), compared with a forecast of GBP64.07 billion, according
to a FactSet-provided consensus of 12 analyst estimates.
PRETAX PROFIT: Tesco's profit before tax was GBP1.67 billion,
compared with consensus forecasts of GBP1.57 billion, according to
a FactSet-compiled consensus of five forecasts.
ADJUSTED OPERATING PROFIT: The grocer reported an adjusted
operating profit--its preferred metric, strips out exceptional and
other one-off items--of GBP2.21 billion, compared with a FactSet
forecast of GBP2.08 billion based on four analysts' estimates.
WHAT WE WATCHED:
-SAVINGS DELIVERED: Tesco has reduced in-year costs by GBP532
million, with savings of GBP1.4 billion toward its target of GBP1.5
billion.
-DISCOUNT RIVALS: Tesco's recently launched discount brand
Jack's--which was created to compete with German discounters Aldi
and Lidl--has seen a strong response from customers.
Write to Adriano Marchese at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
April 10, 2019 10:01 ET (14:01 GMT)
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