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Dow Jones Newswires: Tesco profit jumps as revenue rises faster than forecast

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Tesco PLC said Wednesday that fiscal 2022 pretax profit rose as revenue including fuel increased ahead of market views, and said it is committed to buying back 750 million pounds ($975.1 million) of its shares.

The British grocer
TSCO,
-1.67%

posted a pretax profit of GBP2.03 billion for the year ended Feb. 26 compared with GBP636 million a year earlier.

Revenue including fuel rose to GBP61.3 billion from GBP57.9 billion. It was anticipated to rise to GBP61.20 billion, taken from the company’s compiled consensus.

The board declared a dividend of 10.90 pence for the year up from 9.15 pence for the previous financial year.

The company said that it expects to close its fiscal 2023 with a lower adjusted operating profit in retail and its banking division as a result of higher prices and new investments to strength its price position in the market.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

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