Tesco 1st Half Pretax Profit Fell on Increased Costs; Sees Fiscal Year 2023 at Lower End of Guidance Range -- Update
05 Octubre 2022 - 2:51AM
Noticias Dow Jones
By Joe Hoppe
Tesco PLC said Wednesday that its pretax profit fell in the
first half of fiscal 2023 on increased costs, and said guidance
will be on the lower end of its forecast range for the full
year.
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 allowed it to maintain its guidance,
albeit at the lower end of the range.
As a result, Tesco said it expects adjusted retail operating
profit 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.
In April, the company said it expects an adjusted retail
operating profit in the range of GBP2.4 billion to GBP2.6
billion.
The company's board declared an interim dividend of 3.85 pence a
share, up from 3.20 pence a year earlier.
Tesco also said it intends to deliver its original three-year
savings plan a year early, and it was targeting around GBP1 billion
in cumulative savings by the end of February.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 05, 2022 03:36 ET (07:36 GMT)
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