Tesco Swings to Loss on Korea Costs
07 Oktober 2015 - 9:20AM
Dow Jones News
LONDON—Tesco PLC said Wednesday that it fell to an interim net
loss as Britain's largest retailer incurred costs related to the
sale of its Korean business but said it is regaining its
competitive position in its home market.
The net loss for the 26 weeks ended Aug. 29 was £ 365 million
($556.39 million), compared with the £ 6 million profit a year
earlier.
Revenue, excluding value added taxes and fuel, fell to £ 23.9
billion from £ 24.3 billion.
But Tesco said its operating profit—which strips out large
one-time charges—was £ 354 million compared with £ 216 million.
The company said it isn't paying an interim dividend and said
its full year expectations are unchanged.
"In the U.K., we continue to improve all aspects of our offer
for customers, resulting in volume growth which is allowing us to
create a virtuous circle of investment," said Chief Executive Dave
Lewis.
"Our transformation program in Europe has accelerated growth and
reduced operating expenses, and in Asia, we have gained market
share in challenging economic conditions," he added.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com and Rory
Gallivan at rory.gallivan@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 03:05 ET (07:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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