Tesco Interim Result 2012-2013
INTERIM RESULTS 2012/13
26 weeks ended 25 August 2012
IMPLEMENTING THE PLAN – INVESTING IN A BETTER TESCO
Financial headlines:
Group sales up 1.4% to £36.0bn* (up 3.2% at constant rates); Group sales exc. petrol up 1.6% (up
3.7% at constant rates)
Statutory profit before tax down (11.6)% to £1.7bn; Underlying profit before tax down (8.5)% to
£1.8bn
Group trading profit of £1.6bn, down (10.5)% – UK down (12.4)% to £1.1bn; International down
(17.1)% to £0.4bn; Tesco Bank up 114% to £94m
Underlying diluted EPS reduction of (7.9)%**
Interim dividend per share maintained at 4.63p
Group capital expenditure brought down from £2.1bn to £1.6bn; on track for a full year reduction to
c.£3.2bn
Business update:
UK plan implementation underway, with improvements in UK sales performance, including like-forlike sales growth in second quarter
Reduced new UK space programme on track; greater focus on Express, with 60 new stores in H1
Grocery online business continues to outperform, growing by 11% in the UK; dotcom now launched in Poland and Slovakia, with Thailand and Malaysia launching soon
Tesco Bank migration successfully completed onto new, modern platforms; mortgages launched
Majority of businesses in Asia and Europe gained or held share, in tough external environment
United States losses reduced slightly to £(72)m at constant rates; actions taken to reduce losses further in the second half
Successful property transactions completed in Thailand and Korea, raising c.£700m proceeds
Japanese market exit deal agreed with Aeon
UK Plan – Building a Better Tesco:
Our £1bn investment programme to improve the shopping trip for customers is on schedule, with tangible improvements in all elements of the plan:
1. Service & Staff – second phase now complete; total of 8,000 additional staff now in store
2. Stores & Formats – over 230 stores refreshed in first half; c.40% reduction in full-year new space growth
26 weeks ended 25 August 2012
IMPLEMENTING THE PLAN – INVESTING IN A BETTER TESCO
Financial headlines:
Group sales up 1.4% to £36.0bn* (up 3.2% at constant rates); Group sales exc. petrol up 1.6% (up
3.7% at constant rates)
Statutory profit before tax down (11.6)% to £1.7bn; Underlying profit before tax down (8.5)% to
£1.8bn
Group trading profit of £1.6bn, down (10.5)% – UK down (12.4)% to £1.1bn; International down
(17.1)% to £0.4bn; Tesco Bank up 114% to £94m
Underlying diluted EPS reduction of (7.9)%**
Interim dividend per share maintained at 4.63p
Group capital expenditure brought down from £2.1bn to £1.6bn; on track for a full year reduction to
c.£3.2bn
Business update:
UK plan implementation underway, with improvements in UK sales performance, including like-forlike sales growth in second quarter
Reduced new UK space programme on track; greater focus on Express, with 60 new stores in H1
Grocery online business continues to outperform, growing by 11% in the UK; dotcom now launched in Poland and Slovakia, with Thailand and Malaysia launching soon
Tesco Bank migration successfully completed onto new, modern platforms; mortgages launched
Majority of businesses in Asia and Europe gained or held share, in tough external environment
United States losses reduced slightly to £(72)m at constant rates; actions taken to reduce losses further in the second half
Successful property transactions completed in Thailand and Korea, raising c.£700m proceeds
Japanese market exit deal agreed with Aeon
UK Plan – Building a Better Tesco:
Our £1bn investment programme to improve the shopping trip for customers is on schedule, with tangible improvements in all elements of the plan:
1. Service & Staff – second phase now complete; total of 8,000 additional staff now in store
2. Stores & Formats – over 230 stores refreshed in first half; c.40% reduction in full-year new space growth