The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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In auction, will go live at 8:05 or 8:10
Still not trading ,
"Sales of businesses in Thailand, Malaysia and Poland progressing well
· £8.2bn9 sale of Thailand and Malaysia businesses approved by shareholders in May; regulatory approval and completion expected by the end of the calendar year, to be followed immediately by shareholder meeting to approve c.£5bn capital return and £2.5bn one-off contribution to eliminate pension funding deficit..."
Anyone else read the RNS on LSE vs Reuters. Profits rise on LSE - profits falls on Reuters regarding Tesco.
Read: RNS on Tesco via LSE so no need to add.
However, from latter (ie. Reuters):
UPDATE 1 – Tesco's first – half profit falls as Murphy era begins
07 October 2020 07:28
(Adds details)
LONDON, Oct 7 (Reuters) – Tesco , Britain's biggest retailer by sales, on Wednesday reported a 15.6% fall in core profit, with a jump in sales due to the COVID-19 pandemic more than outweighed by higher costs and losses at Tesco Bank.
The group, led since the start of the month by new chief executive Ken Murphy, made operating profit before one-off items of 1.037 billion pounds ($1.34 billion) in the 26 weeks to August 29, down from 1.229 billion pounds in the same period last year.
However, the group forecast that retail operating profit in the full 2020-21 year would be at least the same level as 2019-20 on a continuing operations basis.
UK like-for-like sales rose 7.6% in the first half, having been up 8.7% in the first quarter, while the response to the pandemic led to 533 million pounds of costs.
Tesco Bank made a loss of 155 million pounds and a loss of 175-200 million pounds is still expected for the full year.
Murphy, formerly at healthcare group Walgreens Boots Alliance , succeeded Dave Lewis, who in his six years at the helm put Tesco back on track after an accounting scandal and refocused the group on its home market.
But Tesco still faces major challenges, most notably the long-term impact of the pandemic, a recession and disruption when Britain's Brexit transition period finishes at the end of 2020.
Will start strong but retrace in my opinion at end of day!
Views welcome! GLA!
I’m not invested here but I was looking at whether to invest in Tesco yesterday prior to results. I thought your results would be good. I also think Tesco is under valued. But what put me off is that your share price never seems to move much. I’ll be watching with interest to see how much you rise today.
The interim dividend will be paid on 27 November 2020 to shareholders who are on the register of members at close of business on 16 October 2020 (the Record Date).
very positive results.
Expect a rise of 5% or more today. And this rise will slowly continue.
GL
Although I have only read the headlines, besides the Tesco Bank issue, I cannot see any negatives here and dividend is payable and increased which in these times to me seems extraordinarily good. Any views ?
Nearly 14 million shares were bought yesterday.
Amazing interims from Tesco, serving customer, protecting and rewarding colleagues, increase growth and market share, increasing dividend
AND Christmas is yet to come, expe
ct bumper sales. This stock is safe as houses in my portfolio and staying this way!!
So, the market price might shoot up to two months high today IMO.
Supermarket giant Tesco has seen first-half profits rise by more than a quarter as customers bought more food during the pandemic.
Pre-tax profits for the 26 weeks to 29 August were up 28.7% on last year to £551m.
It is Tesco's first set of results under its new chief executive, Ken Murphy, who started last week.
He replaces Dave Lewis, who had been running the UK's biggest retailer since 2014.
Like many of its rivals, Tesco was forced to overhaul its strategy in-store and online amid the coronavirus lockdown.
Mr Murphy said: "The first half of this year has tested our business in ways we had never imagined, and our colleagues have risen brilliantly to every challenge, acting in the best interests of our customers and local communities throughout.
"I would like to thank all our colleagues for their amazing contribution and I am delighted and proud to be part of such an incredible team."
Hvivo. Work in progress.
UBS has a Buy rating on the shares with a £3.15 price target.
Am expecting excellent results tomorrow with the usual Tesco downplay to deter any emotional criticism re: covid.
No arguments around the figures being strong from the retail side, the loan provisions from Tesco bank could add a spanner in the works. Imagine how many tinned beans they would have to sell to cover a 10k personal loan going bad.
Decided to add a few before results tomorrow. Fingers crossed.
Yes, does make you nervous about how goods or bad the trading update will be? GLA
Yes.. I noticed that and wonder why such large sales a day before TSCO update ?
Some large sales after close of trading?
Ex dividend date (should it be paid unless they decide to be prudent which I don’t believe they will as 50% of profit is earmarked for dividends) has been 10-11-12 October since they re introduced the dividend, I wouldn’t be surprised if they raised it 30% odd to 4p a share
I was trying to ascertain whether on was, originally an ex divi date was declared for 8/10 but i assume this was withdrawn but couldn’t fins anything to substantiate why and when?
Bake
Didn’t say their would be !!!
Said see no reason not too
Plus the special from the Asia sale ???
No dividend has been declared so what makes you think one is being paid next week?.
Hi Cereus,
I know what you mean. Just to clarify the position regarding staff picking.
On the back of many vans is the wording "As fresh as you'd pick yourself or your money back.". In practice, this means that if Tesco delivers an online order (or customer collects) containing an item(s) with a use by / sell by / best before date less than the guide number of days on the web site then it should be flagged on the document and made known to the customer so the goods can be returned to driver for refund.
Unfortunately the flagging of the short dated item and / or letting the customer know is sometimes overlooked and the customer will telephone the Customer Engagement Centre to complain. In these instances, the money is refunded to the customer and they get to keep the goods free of charge. Rarely does a customer return collected / delivered goods to store or for a store to pick up the goods from the customer's premises (Covid 19 or not). Clearly, a financial loss for the store.
And that is why the picker should always get the freshest foods for the customer. Essentially, the picker has two main rules to follow. Always pick from the back / below to get the best dates and never give a customer anything you wouldn't give your own family. Remember, there is nothing stopping you from doing the same, many people do.