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Tesco profit misses consensus by 73.2% in fiscal H1

Tesco PLC said its normalized net income for the fiscal first half ended Aug. 23 amounted to 2 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 7 pence per share.

EPS fell 82.1% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £150.6 million, a decrease of 82.0% from £838.8 million in the prior-year period.

Total revenue decreased on an annual basis to £30.47 billion from £31.91 billion, and total operating expenses declined from the prior-year period to £30.00 billion from £30.39 billion.

Reported net income declined 93.4% year over year to £75.4 million, or 1 pence per share, from £1.14 billion, or 14 pence per share.