Supermarket group Tesco posted a strong first six months trading and said it is well-positioned for the second half, despite the squeeze on consumer spending.
Group adjusted operating profitfor the 26 seeks to 29 August rose 6.3% at constant rates to £1.78 billion (£1.67bn), with statutory pre-tax profit up 11.5% to £1.455bn (£1.3bn).
The company said the strong financial performance “positions us well as we go into the second half, supporting our ongoing investment in the customer offer and the capabilities that will drive future growth.
“We now expect group adjusted operating profit between £3.15bn and £3.30bn (versus the £3.0bn to £3.3bn range we communicated in April 2026).
Ken Murphy, chief executive, said: “I am proud that we have achieved our highest-ever customer satisfaction score, reflecting our continued focus on value, quality and service.
“Our strong performance enables us to keep investing in the customer offer and the capabilities that will drive future growth.
“Against an uncertain external backdrop, we have … continued to innovate across all our ranges, launching over 800 new and improved products during the half.”
The Finest range continues to outperform, with sales up 9%, while digital channels are important growth drivers for Tesco, with online sales growing 8% in the half. There has been strong growth in Whoosh, up 37% in the half and on track to deliver sales of over £500m this year.
Murphy added: “We are also making strong progress on AI-enabled personalisation, extending Your Clubcard Prices and beginning the customer rollout of our meal planning assistant, helping customers manage their busy lives. Tesco Media grew strongly in the half, attracting new advertisers and offering improved analytics and automation through an enhanced self-service platform.”
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