Market Updates
Tesco First Half Sales Up 8.3%
123jump.com Staff
06 Oct, 2009
New York City
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Tesco sales in the first half increased 8.3% to
[R]7:00 PM London – Tesco sales in the first half increased 8.2% to £30.4 billion and net increased 2% to £1.03 billion. Net income in Asia increased on the acquisition in South Korea. UK based stores comparable sales increased 3.7%.[/R]
Tesco PLC rose 0.6% to 393.50 pence an international retailer said first-half revenues rose 8.2% to £30.4 billion from £28.1 billion a year ago. Net profit for the first-half rose 2% to £1.03 billion or 12.93 pence per diluted share compared to net profit of £1.01 billion or 12.81 pence per share a year ago.
The retailer increased first half dividend 9% to 3.89 pence from 3.57 pence a year ago.
At UK stores where Tesco generates 70% of its revenues, same store sales increased 3.7% excluding taxes and gasoline. Sales growth fell to 3.1% in the second quarter from 4.3% in the first quarter.
Net at locations in Europe excluding UK decreased 5% as eastern European markets faced declining economies and net in Asia increased 21% on the acquisition in South Korea.
The U.S. based Fresh & Easy reported first half loss of £85 million and is expected to match the last year’s loss of $259 million. The company will concentrate new store openings only in California.
The company renamed its finance unit as Tesco Bank and reported net revenues of £420 million and profit of £115 million.
The company lowered its net debt at the end of half to £9.5 billion from £9.6 billion at the end of previous fiscal year and hopes to trim it further to £8.5 billion by the end of this fiscal year.
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