Tesco: first-half profit up 28%, shares rise
(CercleFinance.com) - Britain's biggest retailer, Tesco, on Wednesday reported a 28% rise in first-half profit as like-for-like sales at its British operations rose by 7.
6%.
The supermarket group said profit before tax was 551 million pounds in the 26 weeks ended 29 August, from 428 million pounds a year ago, on a 6.6% rise in total sales at 26.7 billion.
The firm said UK sales at stores open over a year were 19.5 billion pounds, as growing food sales more than offset a fall in clothing sales.
Growth in the first half was most marked in online, with sales up 69%, with the rate of growth even reaching 90% in the second quarter, the retailer said.
Online grocery sales have now grown from about 9% of total UK sales to over 16% by the end of the half year, it added.
Tesco also announced today that Imran Nawaz, who has spent 16 years at Mondelez and Kraft Foods, will join as CFO in April 2021.
All these announcements seemed to give some optimism to investors, who lifted the shares by more than 2% on the London Stock Exchange Wednesday morning. The stock is still down 16% year-to-date.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
6%.
The supermarket group said profit before tax was 551 million pounds in the 26 weeks ended 29 August, from 428 million pounds a year ago, on a 6.6% rise in total sales at 26.7 billion.
The firm said UK sales at stores open over a year were 19.5 billion pounds, as growing food sales more than offset a fall in clothing sales.
Growth in the first half was most marked in online, with sales up 69%, with the rate of growth even reaching 90% in the second quarter, the retailer said.
Online grocery sales have now grown from about 9% of total UK sales to over 16% by the end of the half year, it added.
Tesco also announced today that Imran Nawaz, who has spent 16 years at Mondelez and Kraft Foods, will join as CFO in April 2021.
All these announcements seemed to give some optimism to investors, who lifted the shares by more than 2% on the London Stock Exchange Wednesday morning. The stock is still down 16% year-to-date.
Copyright (c) 2020 CercleFinance.com. All rights reserved.