Markets

Tesco's turnaround continues as half-year profits surge despite inflation

Tesco's turnaround continues as half-year profits surge despite inflation

"Sales are up, profits are up, cash generation continues to strengthen and net debt levels are less than half what they were when we started our turnaround three years ago", Lewis said.

The H1 report showed its "turnaround is firmly on track" following the Tesco accounting scandal of 2014, revealed that United Kingdom like-for-like sales were up 2.2% while group sales were up 3.3% to £25.2bn from the previous year.

"We are continuing to make strong progress", Tesco chief executive Dave Lewis said.

Tesco (TSCO) has announced its first dividend since it was plunged into crisis by the revelation of a £263 million black hole in its accounts, after a 27% jump in first-half profits.

It made operating profit before one off items of 759 million pounds ($1 billion) for the six months to August 26 - ahead of analysts' forecasts.

"It's a significant milestone in the recovery of the business and one which demonstrates the confidence we and the board have in our plans", he told reporters.

Tesco, Britain's largest grocer by market share, on October 4 said that it will pay an interim dividend of 1 pence per share, its first dividend payment in three years.

Canada 'will not be cowed' by Edmonton terror attack: PM
Police say the vehicle struck the EPS officer and sent him flying 15 ft. through the air, before colliding with the cruiser. They said they now believe the suspect acted alone , but haven't ruled out the possibility of others being involved.

Helal Miah investment research analyst at The Share Centre, said: "Overall these are great results and the shares have opened up this morning close to 2% while peers Sainsbury's and Morrisons have fallen by roughly 1%".

Today's results come just when Tesco is awaiting the results of an inquiry into its proposed takeover of wholesale giant Booker.

"With increased competition in the sector, many had thought that margins would be compressed for a long time, but this rise suggests that all is not so bad for Tesco and the group is on track to meet the 3.5-4.0% target by 2019/20".

Lewis said Tesco had not seen any change in buying patterns in the wake of a joint investigation by the Guardian and ITV News that reported evidence staff at a central England plant of chicken supplier 2 Sisters had tampered with food safety records.

Despite such "challenging" conditions, the supermarket said it "worked hard" with their supplier partners to minimise price increases for the customers.

The Competition and Markets Authority (CMA) is expected to report its provisional findings next month, with a final decision due in December.


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