Tesco Says 1st Half Pretax Profit Rose 2%, Raises Interim Dividend
October 03 2018 - 2:56AM
Dow Jones News
By Maryam Cockar and Dimitrios Kontos
Tesco PLC's (TSCO.LN) first-half pretax profit rose 2% on the
back of an increase in second-quarter sales in the U.K. and
Ireland, the company said Wednesday, adding that it will raise its
interim dividend.
The U.K.'s biggest grocer by market share made a pretax profit
of 564 million pounds ($732.7 million) for the 26 weeks ended Aug.
25 compared with a pretax profit of GBP553 million in the
year-earlier period.
Group revenue increased to GBP31.73 billion from GBP28.34
billion a year earlier, against a forecast of GBP31.65 billion
based on two analysts polled by FactSet.
Operating profit for the first half of fiscal 2019 declined to
GBP819 million from GBP876 million.
Like-for-like sales in the U.K. and Ireland rose 3.8% on year as
they strengthened in the second quarter, the company said.
Tesco raised the interim dividend to 1.67 pence a share from
1.00 pence a year earlier, when it resumed dividend payments
following a hiatus that lasted over two years.
Write to Maryam Cockar at maryam.cockar@dowjones.com and
Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
October 03, 2018 02:41 ET (06:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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