Tesco reports soaring profits

Profits have soared at supermarket chain Tesco, hitting £551m in the first six months of its financial year despite the Covid-19 pandemic.
By Ros Snowdon
Published 7th Oct 2020, 07:45 BST
Updated 7th Oct 2020, 07:50 BST
Tesco said its colleagues have risen brilliantly to every challengeTesco said its colleagues have risen brilliantly to every challenge
Tesco said its colleagues have risen brilliantly to every challenge

The firm said that UK and Ireland sales rose 9 per cent to £24.3bn in the six months to August 29, with overall revenue hitting £28.7bn.

Tesco plans to hand out some of the cash it has earned to shareholders, increasing its interim dividend by 21 per cent to 3.2p per share, despite reporting £533m in Covid-19 costs.

Hide Ad
Hide Ad

Tesco said that it would also return £5bn to shareholders as part of a special dividend after selling its Asian business in March for £8bn.

The firm has also appointed a new chief financial officer, Imran Nawaz, who has joined from Tate & Lyle.

In his first outing as chief executive, new boss Ken Murphy said: “The first half of this year has tested our business in ways we had never imagined and our colleagues have risen brilliantly to every challenge, acting in the best interests of our customers and local communities throughout.

“I would like to thank all our colleagues for their amazing contribution and I am delighted and proud to be part of such an incredible team.”

Related topics:TescoIreland

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.