Tesco: targets raised after strong H1 results
(CercleFinance.com) - On Wednesday the British retail giant Tesco announced that it is raising its annual targets after its H1 results came in above expectations.
Tesco shares were up over 4% in early trading in London, the best performance in the FTSE 100 index, which itself was actually down 1%.
In a statement released in the morning, Tesco said it was targeting an adjusted operating profit of 2.5 to 2.6 billion pounds for FY 2021-2022.
In H1, to 28 August, the group posted operating profit that is up 29.5% at 1.3 billion pounds.
Sales in its UK shops that have been open for more than a year rose by 2.4% year-on-year.
The retailer also announced the immediate launch of a 500 million pound share buyback program and said that it was on track to achieve its strategic targets.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
Tesco shares were up over 4% in early trading in London, the best performance in the FTSE 100 index, which itself was actually down 1%.
In a statement released in the morning, Tesco said it was targeting an adjusted operating profit of 2.5 to 2.6 billion pounds for FY 2021-2022.
In H1, to 28 August, the group posted operating profit that is up 29.5% at 1.3 billion pounds.
Sales in its UK shops that have been open for more than a year rose by 2.4% year-on-year.
The retailer also announced the immediate launch of a 500 million pound share buyback program and said that it was on track to achieve its strategic targets.
Copyright (c) 2021 CercleFinance.com. All rights reserved.