UK Supermarket Tesco Lifts Profit Outlook On Competitive Prices [Barron's]
TESCO PLC S/ADR (TSCDY)
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Source: Barrons
Group adjusted operating profit is now expected to reach between £2.9 billion ($3.9 billion) and £3.1 billion, up from a previous forecast of £2.7 billion to £3 billion, Tesco said in a statement. Advertisement - Scroll to Continue Increased competition in the UK market had led Tesco in April to lower its profit guidance. "Competitive intensity remains elevated," the company said. However, it added "a better-than-expected customer response to our actions and the benefit of an extended period of good weather have helped offset the cost of our investments." Tesco uses lower price offers to attract customers in the face of competition, such as matching prices of German-owned discounter Aldi. Advertisement - Scroll to Continue "The steps we have taken to keep prices down for customers have improved our price position relative to the market," said chief executive Ken Murphy. Net profit fell more than nine percent in its first half to £950 million from the same period a yea
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