Tesco Raises Profit Outlook and Boosts Buyback
Tesco lifted its annual profit outlook floor after reporting a six percent rise in first half operating profit. The British grocer also increased its share buyback program, citing a strong balance sheet despite broader retail sector headwinds and geopolitical uncertainty.
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TESCO PLC raised the floor of its annual profit outlook to £3.15 billion after reporting a 6.5% first-half profit increase. The British retailer posted adjusted operating profit of £1.783 billion for the 26 weeks to August 29. Sales rose 2.0% to £33.8 billion across the United Kingdom.
