Tesco (TSCO): Raises profit outlook after first-half beat
Tesco raised the lower end of its full-year adjusted operating profit outlook to £3.15bn from £3.0bn, after first-half adjusted operating profit rose 6.5% to £1.783bn. It also increased its planned share buyback to £950m from £750m.
Why it matters The update points to resilient grocery demand and stronger cash generation, giving Tesco more room to invest in prices and return capital. But UK like-for-like sales growth was 1.5% in the first half, and the company still flags geopolitical uncertainty. The higher guidance floor is positive; it does not by itself establish that the shares are cheap.
What we verified Cross-checked the figures against Tesco's 8 October 2026 interim-results release and its full results announcement reproduced by Investegate. Both report first-half adjusted operating profit of £1.783bn, up 6.3% at constant rates, FY26/27 guidance of £3.15bn–£3.30bn and a £950m buyback.
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