Tesco’s Interim Results In Line With Expectations
Tesco’s interim results were in line with our expectations and showed a continuation of the firm’s turnaround efforts, with group sales up 0.7% at constant exchange rates (0.8% like-for-like growth) and operating margin up to 2.7% from 2.2% last year. We are maintaining our GBX 144 fair value estimate and no-moat ratingIn the United Kingdom and the Republic of Ireland, where the company derives more than 65% of its statutory revenue, like-for-like sales grew by 2.1%, partially helped by strong ...
Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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