Tesco (LON:TSCO) posted their highly anticipated results this morning, showing that the supermarket giant may slowly be clawing back losses.
The company posted a £75 million profit loss before tax with like-for-like sales in their home market down 1 percent, an improvement from the 1.5 percent fall in the first quarter.
Operating profit before one-off items, a key performance measure, fell 55 percent. However, the sale of their Korean branch Homeplus made a significant contribution to balancing their finances and both transactions and volumes were up nearly 1.5 percent.
Dave Lewis, Tesco’s Chief Executive, said in a statement:
“We have delivered an unprecedented level of change in our business over the last twelve months and it is working. The first half results show sustained improvement across a broad range of key indicators.
“Our transformation programme in Europe has accelerated growth and reduced operating expenses, and in Asia, we have gained market share in challenging economic conditions”