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TESCO (LSE: TSCO) 1H18 Results: Sustained Growth, Better Comps, Fatter Margins

Executive Summary

  • Tesco reported group revenues of £28.35 billion for the first half of fiscal 2018, up 3.7% year over year and ahead of consensus.
  • UK comparable sales growth continued to improve in the first half.
  • Operating margins improved and management said that the company is on track to restore margins to 3.5%–4.0% by fiscal 2020.

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