UK supermarket operators Tesco and Wm Morrison are expected to report strong half-year results next week, boosted by the UK’s hot summer weather.
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“Life could not have been better for the industry,” one analyst was quoted by Reuters as saying. “The weather was perfect. When it’s hot, superstores get a bigger share of the market because people don’t want to shop around, and the products they tend to sell are more profitable.”
Most analysts have forecast that Tesco’s pre-tax profits, stripping out items such as goodwill and exceptionals, will increase 16.5% to a range of £630-643m (around US$1bn).
Tesco’s group turnover is expected to increase about 15% to around £14.6bn.
Analysts are also forecasting second-quarter like-for-like sales growth of 5.8-6.5% at Tesco’s UK operations.
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By GlobalDataMorrisons meanwhile, is expected to report pre-tax profits of £125m to £130m, a rise of around 12% on the year-ago period.
Turnover is expected to rise 14% to a range of £2.40bn to £2.55bn, reported Reuters.
