Thursday 9 January 2014

Tesco trading statement




One of the world’s largest retailers.  I have a holding in my income portfolio (epic code: TSCO)





Tesco issued their Christmas & New Year trading statement today and performance, as in the 3rd quarter IMS, was weak.

Group sales in the six weeks to 4 January 2014 declined by -1.2% including petrol (-1.6% at actual exchange rates) and declined by -0.6% excluding petrol (-1.1% at actual exchange rates).

In the UK, total sales including VAT and petrol declined by -1.5% and by -0.6% excluding petrol, with like-for-like sales declining by -2.4%.  International sales declined by -0.7% (Asia -0.6% and Europe -0.8%) at constant exchange rates and -2.2% at actual exchange rates.

Management now expect to report full year results within the range of current market expectations of £3,157m to £3,416m for group trading profit.  The consensus mean was £3,330m.

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