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British retailer Tesco sales rise with demand; raises FY22 outlook

08
Oct '21

Pic: Tesco

Tesco plc, a British retail company, has posted a 3.0 per cent sales rise to £27.3 billion in the first half of FY22 ended on August 28, 2021, over the same period of previous fiscal. With the strong first half performance, the company has increased its adjusted retail operating profit expectations to between £2.5 billion and £2.6 billion for 2022.

“Against a backdrop of profound change, Tesco has many unique advantages. The scale and reach of our store estate and online operations are unmatched in the UK. Our ability to reward loyalty through Clubcard enhances our relationship with customers,” Ken Murphy, chief executive at Tesco, said in a press release.

For the six-month period, sales from the UK and ROI region were up 2.9 per cent to £25.0 billion, while Central Europe sales surged 2.6 per cent to £1.9 billion. Moreover, clothing demand remained high in UK with 43.6 per cent growth in sales from the region.

Operating profit during H1 expanded 41.0 per cent to £1.4 billion (£1.0 billion), while net debt reduced to £10.2 billion (£12.5 billion).

“We are committed to creating value for all stakeholders in our business. Our commitments to the communities we serve and society more broadly are reflected in our new purpose: serving customers, communities and the planet a little better every day,” Murphy said.

Fibre2Fashion News Desk (JL)

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