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Tesco First Half: The Reset Starts to Bear Fruit

Executive Summary

  • In the first half of fiscal year 2016, Tesco’s group sales (excluding fuel) were down 1.9% in British pounds, or down 0.3% at constant exchange rates.
  • UK comps were down 1.1%, but maintained the improving trend seen in the second half.
  • International comps were positive, at 1.0%, on a continuing operations basis.
  • Group operating profit pre-exceptionals was down 54.6% year over year, to £354 million.
  • This yielded a first-half operating margin of 1.5%, an improvement on the fiscal year 2015 margin of (0.5)%.

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