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Tesco profits boosted as online sales surge

We are pleased to see a set of strong results from Tesco this morning. The 29% increase in profits was driven by a 7% rise in like for like sales, and an increase in online sales of 69%.

The UK’s largest grocery operator also commented:

  • Weekly delivery slots had increased to 1.5m, up from 600k pre-crisis;
  • 47,000 temporary colleagues had been recruited in just two weeks;
  • The rise in online demand has prompted greater delivery efficiency with a 21% increase in orders per van;
  • Doubled food donations.

This morning’s presentation, led by newly appointed CEO Ken Murphy and outgoing CFO Alan Stewart, also confirmed the opening of the Urban Fulfilment Centre (UFC) in West Brom and announced their aim to open 25 UFCs in the next 3 years.

Tesco also announced a 21% increase in its interim dividend per share and confirmation of the c.£5bn capital return from the sale of its Thailand and Malaysia business.

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