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Highlights
- Tesco Plc posted an adjusted operating profit of £2.6 million for the year to 25 February this year.
- The shareholders are expected to get a dividend of 10.90p a share with a diluted EPS of 10.80p.
Buoyed with increased sales, Britain’s supermarket giant Tesco Plc (LON:TSCO) posted an adjusted operating profit of £2.6 million for the year to 25 February this year. Despite high sales, the profit was still down by 6.9% compared to a year earlier.
Tesco previously enjoyed a 27% share in Britain's grocery market, but it was hit largely in its attempt to shield consumers from the rising cost of living crisis and inflation. In the financial year 2021-2002, Tesco boasted of an adjusted operating profit of £2.8 million, according to the official statement from Tesco.
Ken Murphy, chief executive of Tesco Plc, in a statement, said that the firm is pleased with the strong performance in 2022/23 and, looking ahead, expects to be able to deliver a broad level with a retail free cash flow within the targeted £1.4 billion to £1.8 billion.
The shareholders are expected to get a dividend of 10.9p a share with a diluted EPS of 10.8p.
This comes amidst the news that Britain’s economy witnessed no growth in February. The ongoing inflation crisis and the health of strikes by public sector workers severely hit the economy. The Office for National Statistics (ONS) said that the strikes by teachers and government employees had countered an increase in building activity. It comes after an unexpected 0.4% increase in economic growth in January.
After the stock performance, Tesco stock witnessed a good day at the office. The TSCO stock, at the time of writing, was seen trading at GBX 272.50, up by 1.90% at 13:18 BST. The TSCO stock on 13 April was seen enjoying a market cap of £ 19,569.24 million with an EPS of 0.19. The TSCO stock has given its shareholders returns of 21.68% and 0.82% on a YTD and a one-year basis.
