Tesco plc announces interim results 2012/13.
Financial headlines:
•Group sales up 1.4%to£36.0bn(up 3.2%at constant rates);Group sales exc.petrol up 1.6%(up 3.7%at constant rates)
•Statutory profit before tax down(11.6)%to£1.7bn;Underlying profit before tax down(8.5)%to£1.8bn
•Group trading profit of£1.6bn,down(10.5)%–UK down(12.4)%to£1.1bn;International down(17.1)%to£0.4bn;Tesco Bank up 114%to£94m
•Underlying diluted EPS reduction of(7.9)%
•Interim dividend per share maintained at 4.63p
•Group capital expenditure brought down from£2.1bn to£1.6bn;on track for a full year reduction to c.£3.2bn
Business update:
•UK plan implementation underway,with improvements in UK sales performance,including like-for-like sales growth in second quarter
•Reduced new UK space programme on track;greater focus on Express,with 60 new stores in H1
•Grocery online business continues to outperform,growing by 11%in the UK;dotcom now launched in Poland and Slovakia,with Thailand and Malaysia launching soon
•Tesco Bank migration successfully completed onto new,modern platforms;mortgages launched
•Majority of businesses in Asia and Europe gained or held share,in tough external environment
•United States losses reduced slightly to£(72)m at constant rates;actions taken to reduce losses further in the second half
•Successful property transactions completed in Thailand and Korea,raising c.£700m proceeds
•Japanese market exit deal agreed with Aeon
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=116666
