June 18, 2019 / 9:29 AM / 3 months ago

Britain's Tesco sees opportunities for further margin improvement

LONDON, June 18 (Reuters) - Tesco, Britain’s biggest retailer, sees opportunities to raise its margins beyond the end of its current recovery plan, it said on Tuesday.

In April the group reported a 34% rise in full-year operating profit and said it had met or was about to meet the vast majority of its turnaround goals - including a key margin target of earning between 3.5 and 4 pence of operating profit for every pound customers spend by the end of its 2019-20 financial year.

In a slide published on its website as part of its Capital Markets Day, Tesco said: “We have the further cost reduction and mix opportunities that allow us to offset inflation, improve our customer offer and/or increase margin.”

Tesco also said it would be able to enhance cash growth ahead of profit. (Reporting by James Davey, Editing by Paul Sandle)

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