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Tesco swings to loss in fiscal H2

Tesco PLC said its normalized net income for the fiscal second half ended Feb. 28 came to a loss of 7 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 3 pence per share.

The per-share result swung to a loss from the prior-year profit of 11 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of £599.4 million, compared with income of £862.1 million in the year-earlier period.

Total revenue came to £31.27 billion, compared with £31.14 billion in the year-earlier period, and total operating expenses rose 8.1% on an annual basis to £32.08 billion from £29.68 billion.

Reported net income came to a loss of £5.77 billion, or a loss of 71 pence per share, compared to income of £779.0 million, or 10 pence per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 6 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10 pence.

EPS was 21 pence in the prior year.

Normalized net income was a loss of £448.8 million, compared with income of £1.70 billion in the prior year.

Full-year total revenue decreased from the prior-year period to £61.75 billion from £63.05 billion, and total operating expenses increased year over year to £62.08 billion from £60.07 billion.

The company said reported net income totaled a loss of £5.69 billion, or a loss of 70 pence per share, in the full year, compared with income of £1.92 billion, or 24 pence per share, the prior year.