Interim Results 2013/14
2 October 2013

STRATEGY ON TRACK – UK STRENGTHENING, CHALLENGES IN EUROPE PERSIST

Highlights

  • £1.6bn trading profit – reflecting good progress in UK and challenges in Europe
  • Interim dividend maintained at 4.63p
  • UK sales exc. petrol up +1.7%, with lower net new space contribution as planned 
  • Sales supported by strong growth in online grocery: +13% in UK and +54% overseas
  • UK Food LFL improved to +1.0% in Q2; UK trading margin stable at 5.2%
  • Total UK LFL held back by initial work on transformation of general merchandise business, ahead of migration to higher-margin, higher-growth categories
  • Average large-store refresh sales uplifts between 3% and 5%, with improved margin
  • Q2 UK Clothing sales growth +8.6%
  • Strategic review in United States concluded with sale of Fresh & Easy to Yucaipa
  • Partnership formed with CRE giving Tesco 20% stake in China’s leading food retailer
  • Consistent approach to future growth, capital discipline, returns and cash
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