Tesco has lowered its trading profit forecast for 2014-15 to be in the range of GBP 2.4 billion to GBP 2.5 billion. Due to challenging trading conditions and ongoing investment in customer offer, the retailer’s financial performance has been adversely impacted.
- In addition to full year, the retailer has also lowered its profit forecast for the six months ending 23 August 2014 to be in the range of GBP 1.1 billion.
- Tesco has will also reduce its capital expenditure to not exceed over GBP 2.1 billion for the year, reduced by GBP 0.4 billion than the originally planned expenditure and a reduction of £0.6bn in comparison to previous year.
- Further details will be provided in the Interim results which will release on 1 October 2014.