Tesco H1 FY21 sales up 6.6% to £27 bn

09 Oct '20

1 min read

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Tesco plc, a UK-based retailer company, has reported 6.6 per cent sales growth to £26.7 billion in its first half (H1) of fiscal 2021 that ended on August 29, compared to the sales of £25.0 billion in the same period last year. However, company’s operating profit for the reported period slipped 15.6 per cent to £1,037 million (H1 FY20: £1,229 million).

“The first half of this year has tested our business in ways we had never imagined, and our colleagues have risen brilliantly to every challenge, acting in the best interests of our customers and local communities throughout,” Ken Murphy, chief executive at Tesco, said in a press release.

Sales in UK & ROI rose 8.6 per cent in H1 FY21 to £24.3 billion. While Central Europe’s sales were down 4.3 per cent to £1.9 billion.

Retail revenues jumped 7.5 per cent to £26.2 billion during the six-months period. While revenues from Bank dipped 31.4 per cent to £386 million.

“Tesco is a great business with many strategic advantages. I'm excited by the range of opportunities we have to use those advantages to create further value for our customers and, in doing so, create value for all of our other stakeholders,” Murphy said.

Fibre2Fashion News Desk (JL)

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