Tesco Raises Fiscal Year Guidance, Launches GBP500 Million Share Buyback
06 Ottobre 2021 - 08:54AM
Dow Jones News
By Jaime Llinares Taboada
Tesco PLC on Wednesday raised guidance for the fiscal year after
a strong first half, and said that it is starting a share-buyback
program.
The company said that its sales and profit increased ahead of
expectations in the first half ended Aug. 28, and upgraded its
adjusted retail operating profit guidance to 2.5 billion pounds-2.6
billion pounds ($3.41 billion-$3.54 billion). The Tesco Bank
business is expected to deliver an adjusted operating profit of at
least GBP120 million.
The U.K.'s biggest grocer by market share made a pretax profit
of GBP1.14 billion in the first half of the fiscal year, more than
doubling from GBP551 million a year earlier.
The company's board declared an interim dividend of 3.20 pence a
share, in line with a year earlier.
In addition, Tesco announced the start of a share buyback
program, with a first tranche of GBP500 million to be repurchased
by October 2022.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
October 06, 2021 02:39 ET (06:39 GMT)
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