Tesco net loss shrinks sharply in first half

The Sun (Malaysia) - - SUNBIZ -

LON­DON: Trou­bled Bri­tish su­per­mar­ket gi­ant Tesco, the na­tion’s big­gest re­tailer, rang up im­prov­ing earn­ings yes­ter­day in the face of fierce com­pe­ti­tion.

Tesco, which is re­cov­er­ing from an ac­count­ing scan­dal, re­vealed in a re­sults state­ment that it had slashed its net loss in the first half of its cur­rent fi­nan­cial year, and posted ris­ing un­der­ly­ing earn­ings – and its third suc­ces­sive quar­ter of sales growth – af­ter cut­ting prices.

In­vestors were im­pressed, send­ing Tesco’s share price soar­ing al­most 10% in morn­ing trade.

Tesco said net loss nar­rowed sharply to £91 mil­lion (RM479.6 mil­lion) in the 26 weeks to Aug 27, com­pared with £365 mil­lion a year ear­lier. Pre-tax profit, how­ever, slid 28.3% to £71 mil­lion, hit partly by the im­pact of price cut­backs. – AFP

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