Tesco net loss shrinks sharply in first half
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