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Supermarket Tesco sees sales rise again Tesco reports another rise in sales as recovery continues
(35 minutes later)
Tesco has seen another rise in sales, and the retailer says it is on track to hit its full-year profit target. Tesco has reported another sales rise, and the retailer says it is on track to hit its full-year profit target.
Like-for-like sales, which strip out the impact of new store openings, grew 1% in the half-year to 27 August, and in the UK they rose by 0.6%.Like-for-like sales, which strip out the impact of new store openings, grew 1% in the half-year to 27 August, and in the UK they rose by 0.6%.
Chief executive Dave Lewis said the firm had made "significant progress" in stabilising the business. Chief executive Dave Lewis said the company had made "significant progress" in stabilising the business.
The company is still recovering from an accounting scandal as well as reporting a record loss last year. The retail giant is still recovering from an accounting scandal as well as reporting a record loss last year.
Three former executives have been charged with fraud in relation to the mis-stating of the company accounts, which they deny.Three former executives have been charged with fraud in relation to the mis-stating of the company accounts, which they deny.
Separately, the company is also facing legal action from a group of investors who claim to have lost £150m due to the supermarket's 2014 accounting irregularities scandal.Separately, the company is also facing legal action from a group of investors who claim to have lost £150m due to the supermarket's 2014 accounting irregularities scandal.
Asset sales Lower prices
Tesco said profit before tax fell 28% to £71m for the half-year, mainly due to one-off costs, but the group said it was on track to make £1.2bn in full-year annual operating profit.
"Whilst the market is uncertain, we have made significant progress against the priorities we set out two years ago, stabilising the business and positioning us well for the future," Mr Lewis said."Whilst the market is uncertain, we have made significant progress against the priorities we set out two years ago, stabilising the business and positioning us well for the future," Mr Lewis said.
In order to restore its profitability, it has been selling business not related to the main business - such as the garden centre Dobbies, the cafe Giraffe and the Harris and Hoole coffee shop. Sales have now risen for three quarters in a row since its nadir last year, when it struggled with stiff competition from discount retailers as well as rebuilding trust after the accounting scandal.
Tesco said profit before tax fell 28% to £71m for the half year, mainly due to one-off costs, but the group said it was on track to make £1.2bn in full-year annual operating profit.
Mr Lewis also unveiled a new target for the group's operating margins to be between 3.5% and 4% by the end of its 2019-20 financial year. In the first half of the year margins stood at 2.18%.
Prices at the supermarket continue to fall, with a typical customer basket costing 6% less than in September 2014, the company said. It has also reduced multi-buy promotions - down 27% compared with last year.
In order to restore its profitability, it has been selling businesses not related to the main operation - such as the garden centre chain Dobbies, Giraffe restaurants and Harris and Hoole coffee shops.
Tesco also said on Wednesday it planned another £1.5bn of cost reductions through increasing investment in its stores and network distribution.