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Dow Jones Newswires: Tesco profit jumps as revenue rises faster than forecast

Tesco PLC said Wednesday that fiscal 2022 pretax profit rose as revenue including fuel increased ahead of market views, and said it is committed to buying back 750 million pounds ($975.1 million) of its shares.

The British grocer
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posted a pretax profit of GBP2.03 billion for the year ended Feb. 26 compared with GBP636 million a year earlier.

Revenue including fuel rose to GBP61.3 billion from GBP57.9 billion. It was anticipated to rise to GBP61.20 billion, taken from the company’s compiled consensus.

The board declared a dividend of 10.90 pence for the year up from 9.15 pence for the previous financial year.

The company said that it expects to close its fiscal 2023 with a lower adjusted operating profit in retail and its banking division as a result of higher prices and new investments to strength its price position in the market.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

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