Apr 8, 2020

Tesco has a little of everything for everyone on its shelves

Drastic Dave's valedictory full-year results should have been a celebration of his success in restoring Tesco to full health after five years of disappointing or non- existent dividends. Operating profits in the UK were up nearly 17 per cent in the year to February and this year the company is confident of receiving a big cash bung from selling its business in Thailand. Tesco Bank will probably make a loss this year, with more consumers expected to default or to take on less credit. Analysts are revising down forecasts to show barely any earnings growth next year. If investors need to know how strong Mr Lewis thinks Tesco really is, look at the £635m dividend the company is paying.

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