Tag: $Tesco

Tesco reiterated its profit target for its fiscal year after reporting sales growth during the Christmas period. The U.K. supermarket chain on Thursday said it continues to expect retail adjusted operating profit—its preferred metric, which strips out exceptional and other one-off items—in the fiscal year ending in February of around 2.9 billion pounds ($3.59 billion). However, the guidance comes below the market expectations of £3.07 billion, according to a company poll of 13 analysts.

Tesco Britain’s biggest supermarket group, lifted its annual profit forecast on Thursday after market share gains drove a 10% rise in the first half, giving it momentum ahead of the festive trading period.

Two of Britain’s biggest retailers recorded bumper grocery sales over Christmas as inflation-hit consumers focused their spending on food rather than gifts.