LONDON (Reuters) – Tesco raised its annual profit forecast for the second time in four months on Thursday, as the British retailer reported a bigger-than-expected rise in underlying UK sales during the key period end of year celebrations.
The supermarket group, which has almost 28% of the UK grocery market, said it now forecast adjusted operating profit for the 2024 financial year, its key figure, of 2.75 billion pounds ( 3.20 billion euros), after 2.49 billion pounds in 2022/23.
It previously predicted £2.6 billion to £2.7 billion.
“Our continued investment across our entire customer offering has delivered stronger than expected business results,” Tesco said.
The group recorded a 6.8% rise in like-for-like sales in the UK in the six weeks to January 6 and 7.9% in the third quarter to November 25, after increasing by 8 .4% during the second quarter.
(Reporting by James Davey, by Augustin Turpin, editing by Kate Entringer)
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