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Article: Tesco should be in any investment basket

Article from:
The Independent (London, England)
Article date:
October 6, 2009
Copyright

Investment Column

Our view: Buy

Share price: 391.4p (+1.4p)

The Tesco juggernaut has rolled on remorselessly over the last decade. But at today's interim results, the retail giant is expected to post second-quarter underlying UK sales growth of just 3.5 per cent. That will again leave it trailing Asda, Sainsbury's and Morrisons. Furthermore, Tesco is forecast to deliver group pre-tax profits of 1.46bn for the six months to the end of August, compared with 1.45bn last year. This will be the first time since 1999 that it will have posted a rise in interim pre-tax profits of below 10 per cent.

Of course most retailers globally would give their left arm for similar numbers. But Tesco - which ...

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