Tesco TSCO blows a fanfare of trumpets over today’s interim results and when one considers that over the past two years prices have fallen by over 6%, it is perhaps right to do so. It claims significant progress in the first half with positive like for like sales and volume growth in all regions. UK and International sales volume grew by 2.1% and3.3% respectively. Operating profit rose by 38% and net debt fell by 49.3% year on year. On the statutory basis profit before tax was down by 28.3% but for the full year Tesco expects it will turn in an operating profit of £1.2bn before exceptionals.
Topps Tiles TPT claims record sales for the year to the 1st October despite a slowdown in the fourth quarter caused by weaker market conditions and the decision to exit from low margin wood flooring. These reduced like for like sales by 1.9%. leaving a rise for the quarter of 1.4% compared to the headier rises of the first three quarters. For the full year a healthy like for like rise of 4.2% is anticipated.
Gooch & Housego GHH is enjoying a positive trading environment in its second half, which has produced a robust order book standing 10.5% higher than it was a year ago, excluding recent acquisitions, which makes the company well placed for further growth.