Tesco Lifts Guidance After Strong Christmas Period
By Michael Susin
Tesco upgraded its fiscal 2024 guidance for the second time after it saw stronger-than-expected volume growth in the U.K. market during Christmas.
The U.K. grocer on Thursday said it expects retail adjusted operating profit--the company's preferred metric, which strips out exceptional and other one-off items--for fiscal 2024 of around 2.75 billion pounds ($3.50 billion). This compares with previous guidance of range of GBP2.6 billion to GBP2.7 billion.
Bank adjusted operating profit guidance remains unchanged at between GBP130 million and GBP160 million.
Like-for-like retail sales rose 6.4% on year in the 19 weeks ended Jan. 6. They rose 6.6% in the third quarter and 6.0% over the Christmas period.
In the U.K., Tesco's like-for-like sales rose 7.5% in the 19-week period, while in Central Europe they fell 0.3%.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 11, 2024 02:29 ET (07:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks