By Jaime Llinares Taboada

 

Tesco PLC on Wednesday raised guidance for the fiscal year after a strong first half, and said that it is starting a share-buyback program.

The company said that its sales and profit increased ahead of expectations in the first half ended Aug. 28, and upgraded its adjusted retail operating profit guidance to 2.5 billion pounds-2.6 billion pounds ($3.41 billion-$3.54 billion). The Tesco Bank business is expected to deliver an adjusted operating profit of at least GBP120 million.

The U.K.'s biggest grocer by market share made a pretax profit of GBP1.14 billion in the first half of the fiscal year, more than doubling from GBP551 million a year earlier.

The company's board declared an interim dividend of 3.20 pence a share, in line with a year earlier.

In addition, Tesco announced the start of a share buyback program, with a first tranche of GBP500 million to be repurchased by October 2022.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

October 06, 2021 02:39 ET (06:39 GMT)

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