Tesco is expected to report record half-year profits this week. The UK’s number one retailer will continue its seemingly inexorable expansion march, according to analysts.
Lehman Brothers is forecasting that profits will surge by 20 per cent in the six-month period, to £790 million, the highest figure ever posted by Tesco.
Like-for-like sales are predicted to rise by 7.2 per cent year on year, compared with a 6.3 per cent hike at the same time in 2003, as Tesco bucks the trend of retailers forced to blame the poor summer weather for failing performance levels.
If it is to maintain its growth curve, Tesco will need to keep confounding the City experts; brokers are reported to expect the group’s growth to slowing in the second half.
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