Tesco Lifts Fiscal Year 2024 Retail Views After Cost Cutting Boosts First-Half Performance
04 Outubro 2023 - 3:53AM
Dow Jones News
By Michael Susin
Tesco upgraded its fiscal 2024 guidance on retail earnings after
significant cost reductions resulted in a strong performance in the
first half.
The U.K. grocer on Wednesday said it expects retail adjusted
operating profit--the company's preferred metric, which strips out
exceptional and other one-off items--for fiscal 2024 of between 2.6
billion pounds and 2.7 billion pounds ($3.14 billion and $3.26
billion). This compares with previous guidance of around the same
level as the GBP2.49 billion reported for the year ended Feb.
25.
Tesco continues to see Bank adjusted operating profit at between
GBP130 million and GBP160 million.
Free cash flow target has been also upgraded to between GBP1.8
billion and GBP2.0 billion for this year, compared with previous
range of GBP1.4 billion to GBP1.8 billion. The upgrade is ahead of
Tesco's medium-term guidance range of GBP1.4 billion to GBP1.8
billion, it said.
The U.K. grocer made a pretax profit of GBP1.22 billion in the
six months ended Aug. 26, compared with GBP396 million the same
period a year earlier.
Revenue rose to GBP34.15 billion from GBP32.52 billion a year
before.
The board has declared an interim dividend of 3.85 pence a
share, same as a year earlier.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
October 04, 2023 02:38 ET (06:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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