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Tesco Group trading profit down
08 Oct '12
4 min read
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
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