Tesco Narrows Loss as Revenue Inches Higher
October 05 2016 - 3:02AM
Dow Jones News
By Saabira Chaudhuri
LONDON-- Tesco PLC narrowed its half-year loss as Britain's
largest retailer showed signs its turnaround efforts are bearing
fruit.
The company reported a net loss of GBP91 million ($115.8
million) for the 26 weeks ended Aug. 27, compared with a loss of
GBP365 million a year earlier, when earnings were hit by
charges.
Revenue, excluding value added taxes, edged up to GBP27.34
billion from GBP27.23 billion, but the figure was below the
GBP27.62 billion forecast by polled by Thomson Reuters.
Following years of market-share losses, Tesco has been investing
in improving customer service and simplifying its range.
Tesco said its operating profit--stripping out large one-time
charges--was GBP515 million, compared with GBP372 million a year
earlier. Per-share earnings on an underlying basis--which excludes
one-time items and property gains and losses--were 3.16 pence,
beating the 2.65-a-share figure expected by Thomson.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
October 05, 2016 02:47 ET (06:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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