Britain's largest grocer sees profits soar as inflation falls 4.5% – despite ‘threats from all sorts of angles' [Fortune]
TESCO PLC S/ADR (TSCDY)
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Source: Fortune
Britain's largest grocer said Wednesday it expects to generate at least £2.8 billion ($3.5 billion) of retail adjusted operating profit in the current fiscal year. That's ahead of the £2.76 billion it reported last year which was in line with previous guidance. Tesco also announced plans to buy back £1 billion of shares over the next 12 months. A quarter of that will be funded by a dividend the retailer received from Tesco Bank. Earlier this year Tesco agreed to sell much of its banking business to Barclays Plc in a deal releasing £1 billion of cash for the retailer. Tesco shares are up slightly in early trading in London. The stock is up more than 8% in the past year. As food price inflation starts to ease, supermarkets are trying to keep prices as low as possible to retain shoppers hunting for cheaper alternatives. Tesco has been competing with German discounter Aldi by price matching on many key products. UK grocery price inflation fell to 4.5% in the four weeks to March 1
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