Overview

• Tesco raised full-year adjusted operating profit guidance to £2.9–£3.1 billion from £2.7–£3.0 billion after a stronger first half.
• First-half adjusted operating profit was about £1.67 billion with group sales up 5.1% and UK like-for-like sales rising 4.9%.
• UK market share reached a record 28.4% as cuts across roughly 6,500 products averaging 9% and loyalty price offers lifted volumes.
• Chief executive Ken Murphy said supermarket price competition could intensify before Christmas, with Tesco set to roll out “strong deals.”
• Net profit fell about 9% to roughly £950 million; Tesco flagged around £235 million from higher employer National Insurance and £90 million from a packaging levy, while targeting about £500 million of savings this year.