Tesco lifts lower end of guidance as interim earnings jump 6.5%

(Sharecast News) - UK supermarket chain Tesco on Thursday lifted the lower end of annual guidance and its share buyback programme after interim profits jumped 6.5% to £1.78bn.

The company now expects adjusted operating profit of between £3.15bn and £3.30bn, compared with the £3.0bn to £3.3bn range outlined in April. It also increased its share buyback to £950m from £750m.

Group like-for-like sales rose 1.0% in the six months to August 29, with the UK increasing 1.5%. Group sales rose 2% to £33.8bn.

Reporting by Frank Prenesti for Sharecast.com