Despite supply chain issues, Tesco’s profits doubled in the first half of the year.
With coronavirus-related expenses reduced and sales increased by 3% until August 28th, store profits rose 107% to £1.1 billion.
– Advertising –
Tesco is expected to reach a full-year profit of £2.6 billion. This is 700 million pounds more than expected, boosted by the euro and more stays this summer.
“We had a strong six months. Sales and profits are growing ahead of expectations and outperforming the market against a deep change. Tesco has many unique advantages. The size and reach of the store’s real estate and online business is unparalleled in the UK,” said CEO Ken Murphy.
Commenting on the results, Walid Koudmani, market analyst at Financial Brokerage XTB, said: Additionally, retail giants are moving forward with their strategic priorities as they aim to continue growing their customer base with several competitive products and strengthen their digital platforms. ”
“Today’s results will reassure investors by showing aggressive performance and clear plans for the future as the economy is fighting against potential supply shortages.”
Tesco’s shares rose 3% this morning.
