Apr 13, 2022

Tesco to buy back £750mn of shares but cautions on outlook

Tesco reported annual profit in line with analysts' forecasts and said it would buy back another £750mn of its shares, but cautioned that the squeeze on household incomes meant the outlook for the current year was more uncertain than usual. The UK's largest supermarket expects retail operating profit for the year to February 2023 to be between £2.4bn and £2.6bn, depending on customer shopping habits, cost inflation and the extent to which rising costs are absorbed or passed on to consumers. For the year to February 26 2022, retail operating profit was £2.65bn, in line with forecasts and up 35 per cent on the previous year as coronavirus-related costs fell away and shopping habits reverted to pre-pandemic norms. The group's banking unit generated a £176mn profit and was expected to make between £120mn and £160mn this year. Tesco has bought back about £300mn of shares since last October, and on Wednesday committed to buying a further £750mn back over the next 12 months.

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