Tesco beats forecasts with 12.5% rise in profit

Retailer Tesco beat analysts' average forecast with a 12.5 per cent rise in first-half underlying profit today.

Retailer Tesco beat analysts' average forecast with a 12.5 per cent rise in first-half underlying profit today.

The British supermarket group said underlying profit before tax was €1.7 billion in the 26 weeks to August 26th, versus the comparable 26-week period the year before.

It said its plans to expand in non-food areas and in the United States were on track.

Sales including VAT were up 12.7 per cent to €33.6 billion. Excluding VAT they were up 12.6 per cent to €30.6 billion. Core UK sales were up 10.2 per cent, while UK non-food sales were up 12.6 per cent, international sales up 21.3 per cent and tesco.com sales up 28.7 per cent.