The Tesco PLC (LON: TSCO) share price edged 2.88% higher after releasing its interim results for the first half of its 2023/2024 financial year (H1 results). The retailer recorded an 8.9% increase in revenues to £30,749 million from the £28,241 million recorded in a similar period last year.
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The British multinational grocery and general merchandise retailer generated an adjusted operating profit of £1,482 million, a 14% improvement from the £1,300 million profit generated in H1 2022/2023. The company reported robust sales across the group, with retail LFL sales rising 7.8%.
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The retailer noted that inflation figures fell during the six months, with its volume and sales mix trends exceeding expectations. The company noted that Tesco Bank’s adjusted operating profit was £65 million, up 25.0%, mainly fueled by strong income growth. The bank paid a £250 million special dividend to the Group, showcasing the strength of its balance sheet
Tesco’s net debt improved by £605 million since the year ended due to its strong cash flow and the special dividend paid out by Tesco Bank. The retailer also announced an interim dividend of 3.85p, in line with its interim dividend policy of 35% of the previous year’s full-year dividend.
The retailer consistently remained the cheapest full-line grocer during the half, with its powerful combination of Aldi Price Match on over 650 lines. The retailer offered over a thousand Low Everyday Prices locked until January 2024, and exclusive Clubcard Prices deals.
Tesco cut prices on about 2,500 products by the end of the first half, from broccoli to bread, with an average saving of approximately 12%.
Ken Murphy, Tesco’s CEO, said: “We know how challenging it is for many households across the country as they continue to grapple with ongoing cost of living pressures. We are committed to doing everything we can to drive down food bills, and Tesco is now consistently the cheapest full-line grocer. Our investments in value and in improving more than 1,100 own-brand products, from pasta to fresh fish, are helping us to offer outstanding quality at great prices, all underpinned by market-leading availability. Customers are responding well, contributing to market share gains in-store and online.”
Tesco share price.
The Tesco share price edged 2.88% higher to trade at 267.90p from Tuesday’s closing price of 260.40p.
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