SUPR view - another set of great results for Tesco as life under CEO Dave Lewis continues to bare fruit
Cost cutting and improving margins have boosted profitability
LFL sales up 2.9%
Continued strong performance from Booker (LFL+11%)
Online grocery sales grew by 2.8% YOY
Profit before tax up 28.8% to £1.6bn
Group operating margin rises to 3.45%
FY dividend of 5.77p - 97% up YOY and on target to to reach c2.0x EPS cover 2019/20
Continued strengthening of balance sheet with fixed charge cover and total indebtedness/EBITDAR, have further improved since the end of the last financial year, from 2.7 to 3.2 times and from 3.3 to 2.8 times, respectively
CEO Dave Lewis said Tesco, "had met the vast majority of our turnaround goals," and were on target to meet all of the remaining ones in 2019/20
Continuing program of store buybacks with 3 UK stores purchased in the period
