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Tesco (LSE: TSCO) 1H20 Results: Dave Lewis To Step Down in 2020

Executive Summary

  • In 1H20, Tesco reported a strong, 25% increase in adjusted operating profit, yielding an adjusted operating margin of 4.4%.
  • In 2Q20, the closely watched measure of UK comp growth slid to (1.0)%, versus 0.4% in 1Q20 and below the (0.6)% consensus.
  • CEO Dave Lewis is to leave in summer 2020. He will be succeeded by Ken Murphy, formerly of Walgreens Boots Alliance.


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