Tesco's total revenues grew 8.6% in the six months to August, it said on Wednesday, thanks to a surge in online shopping during the pandemic.Customers favored Tesco's smaller, local stores over its larger supermarkets, it said. People are shopping less often — but buying more.
The supermarket giant posted a £551 million pre-tax profit, which is 28.7% more than last year, and a 34.6% jump in bottom-line profit. Analysts had feared that grocers would fail to fully capitalize on the increased food demand as restaurant closed, Josh Mahony, market strategist at brokerage IG Markets, told Business Insider. But Tesco's rising profits and revenues shows that the sector has finally "unleashed itself from the constant price wars," he added, and is now able to increase margins.
Sales in Asia fell 3% in the first half, after fewer customers visited hypermarkets and also spent less money on non-essential items like clothing. In March, Tesco announced it was selling its businesses in Thailand and Malaysia by the end of 2020 for £8.2 billion .
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