Tesco's Preliminary Results Reveal EBIT Beat, International Markets Ahead
Tesco's 2019 preliminary results have U.K. and Ireland like-for-like sales up 2.9% (core U.K. up 1.7% like for like and Booker up 11.1%). Group EBIT growth, including Booker, was up 35% to GBP 2.21 billion. This is almost 9% higher than our full-year estimates due to better profitability in the international segment, faster Booker synergies (EUR 79 million versus EUR 60 million in our model) and cost savings delivery (GBP 532 million versus GBP 450 million in our model). Management reiterated gu...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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