Tesco Plc Stock Up On Strong FY24 Results, Dividend Hike, GBP 1 Bln Buyback

(RTTNews) - Shares of Tesco PLC (TSCO.L) were gaining more than 5 percent on the London Stock Exchange after the British grocery and general merchandise retailer reported Wednesday significantly higher profit in its fiscal 2024 with strong sales performance. The company also announced higher dividend, as well as its plan to buy back 1.0 billion pounds worth of shares over the next twelve months.

Looking ahead for fiscal 2025, Tesco sees retail adjusted operating profit of at least 2.8 billion, higher than 2.76 billion pounds recorded in fiscal 2024.

The company's Board has proposed a final dividend of 8.25 pence per share, to be paid on June 28, to shareholders of record on May 17. The full-year dividend would be 12.10 pence per share, up 11.0 percent from last year.

According to the company, sales growth across all markets and continued cost savings delivered strong financial performance in the full year.

Tesco's annual profit before tax from continuing operations was 2.289 billion pounds, 160 percent higher than 882 million pounds in the previous year.

Profit from continuing operations increased to 1.764 billion pounds or 24.53 pence per share from 658 million pounds or 8.81 pence per share last year.

Net profit grew to 1.192 billion pounds or 16.56p per share from 736 million pounds or 9.85p per share a year ago.

Excluding one-time items, adjusted profit before tax rose to 2.277 billion pounds from 1.954 billion pounds a year ago. Adjusted profit from continuing operations was 1.684 billion pounds, up from 1.535 billion pounds in the previous year.

Revenue for the year, excluding VAT but including fuel, increased 4.4 percent to 68.187 billion pounds from 65.322 billion pounds last year.

Group sales, excluding both VAT and fuel increased 7.4 percent from last year to 61.477 billion pounds.

In London, Tesco shares were trading at 302.90 pence, up 5.36 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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