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Tesco (TSCOLN; Baa3, BBB-, BBB-; S) Prelim. FY23/24 Earnings (ending Feb)

CONSUMER STAPLES

Headline numbers in-line. Strong food sales, flat clothing sales & weak Tobacco sales. Strong BS, guiding to more capex. Equity pay-outs increasing by +25%, bank sale to offset cash use this year. €29's trade well tight, £lines don't screen cheap either.

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Headline numbers in-line. Strong food sales, flat clothing sales & weak Tobacco sales. Strong BS, guiding to more capex. Equity pay-outs increasing by +25%, bank sale to offset cash use this year. €29's trade well tight, £lines don't screen cheap either.

Keep reading...Show less