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Tesco 2024/25年度初步业绩结果

2025-04-10 美股财报 Derek.

Tesco Preliminary Results 2024/25 Summary

Introduction Tesco has released its preliminary results for the financial year 2024/25, highlighting significant progress across various key areas including brand perception, market share gains, customer satisfaction, and financial performance. The report is presented by Ken Murphy, Chief Executive Officer, and Imran Nawaz, Chief Financial Officer, on 10 April 2025.

Brand Perception and Customer Satisfaction Tesco has demonstrated strong growth in brand perception, outpacing market averages across multiple metrics. Brand perception scores improved by +113bps, +153bps, +242bps, +282bps, and +68bps in Impression, Quality, Value, Reputation, Satisfaction, and Recommendation respectively, compared to the competitor average. This progress is supported by ongoing investments in value and quality, enhancing the customer experience.

Market Share Gains Tesco has achieved notable market share gains in both the UK and ROI. UK market share increased by +37bps YoY, reaching its highest level since 2016. Similarly, ROI market share saw a +25bps YoY gain. These gains are attributed to Tesco’s powerful value proposition, including the launch of over 1,000 new products and improvements to more than 600 existing ones. Tesco remains the cheapest full-line grocer throughout the year, taking share from across the market.

Colleague and Supplier Satisfaction Tesco has made significant strides in supporting its colleagues and suppliers. Colleague satisfaction improved with 85% recommending Tesco as a great place to work. The company has also increased store colleague pay by 15.2% by the end of August 2025 and expanded its virtual GP service. Supplier satisfaction has further increased, with Tesco ranked 1st in the Advantage supplier survey for the ninth year running.

Financial Performance Tesco has reported strong financial performance, with Group sales up by +4% and Group adjusted operating profit increasing by +11% to £3.128 billion. The company has generated £1.75 billion in free cash flow and returned £1 billion to shareholders through share buybacks. Net debt has been reduced by £230 million compared to the previous year, with the net debt ratio now at 2.0x.

Future Outlook and Guidance Tesco is well-positioned to continue its winning streak, supported by a robust balance sheet and positive momentum. The company expects adjusted operating profit between £2.7 billion and £3.0 billion and free cash flow within the range of £1.4 billion to £1.8 billion for FY 25/26. A £1.45 billion share buyback program is planned to be completed by April 2026.

Strategic Priorities Tesco’s strategic priorities include driving top-line growth, maintaining sector-leading margins, and leveraging assets efficiently across all channels. The company aims to generate £1.4 billion to £1.8 billion in free cash flow per year and continue investing in its estate, automation, and AI technology solutions to enhance productivity and customer value.

Digital Capability and Convenience Tesco is focusing on creating a competitive advantage through powerful digital capabilities. The company has launched over 9,000 campaigns through its retail media offer, ranked joint #1 in the European retail media network, and expanded its online grocery and delivery services. Tesco Whoosh has been introduced in over 1,500 stores, and Tesco Marketplace offers a wide range of products across homeware, furniture, and electronics.

Community and Sustainability Tesco is committed to supporting its communities and caring for the planet. The company has allocated £13 million for over 12,000 projects in the UK through the Stronger Starts program and launched the Fruit & Veg for Schools campaign. Additionally, Tesco has reduced Scope 1 & 2 emissions by 65% and is on track to achieve a 65% healthy food sales target by December 2025.

Conclusion Tesco’s preliminary results for 2024/25 demonstrate strong performance across key business areas, supported by strategic investments and a focus on customer satisfaction. The company is well-positioned to navigate the competitive market and create sustainable value for all stakeholders.

Ken Murphy, Chief Executive OfficerImran Nawaz, Chief Financial Officer 10 April 2025 Agenda. 01.Introduction 02.Preliminary results 03.Strategic progress 04.Q&A Further improving customer satisfaction. Winning market share in UK and ROI. Taking share from across the market. Broad-based market share gains, supported by: •Our powerful value proposition: •Launching >1,000 new products and improving >600•Market-leading availability2•Cheapest full-line grocer throughout the year3: Supporting ourcolleagues. Further colleague satisfaction improvement;85% recommend as ‘a great place towork’1 5.2% rise in UK store colleague payby end of August 2025 Over 21,000 colleagues now registeredfor our new virtual GP service Recognised as ‘Retailer Employer ofthe Year’ at the Grocer Gold Awards Partnering withour suppliers. Further increase in supplier satisfaction,highlighting strong relationships1 Extended the Tesco Sustainable Pig Group,one of six sustainable farming groups Working together to improve supply chainresilience and sustainability Ranked 1stin the Advantage supplier surveyfor ninth year running Strong financial performance. Well placed to keep winning for customers. FY 25/26 Guidance1 Robust balance sheet and a well-investedbusiness Group adjusted operating profit of £2.7bn to£3.0bn Positive momentum as we start the year Free cash flow within our mid-term guidancerange of £1.4bn to £1.8bn £1.45bn share buyback to be completed byApril 2026 Recent increase in competitor activity Creatingsustainablevalue. Improved customer satisfaction supporting volumegrowth and market share gains Strong financial performance, robust balance sheetand positive momentum Flexibility and firepower to continue winning in ahighly competitive market Performance headlines. On a continuing operations basis1 Growing sales volumes, with further market share gains inthe UK and Ireland Profit growth from stronger volumes and Save to Investdelivery Another year of strong cash generation Returned £1bn to shareholders through share buybacks Net debt ratio now at 2.0x, including £0.7bn of Bankdisposal proceeds 13.70p+13.2% vs. last year 131.The performance of the Banking operations has been presented as a discontinued operation to the date of disposal.The Insurance and Money Services business (‘IMS’) has been presented on a continuing operations basis and therefore withinheadline performance measures.2.Group sales at constant rates of exchange and excludes VAT and Fuel.3.Group adjusted operating profit before adjusting items, including Insurance and Money Services. Change shown at constant rates.4.Net debt now includes Insurance and Money Services, with the prior year reported on a consistent basis. The impact on the prioryear is to reduce net debt by £80m.5.Adjusted diluted EPS before adjusting items. Change shown is at actual rates. Segmental performance. On a continuing operations basis1, where the Insurance and Money Services business has been presented within headlineperformance measures UK. LFL sales +4.0%;strong volume growththroughout the year; market share gains +67bps1 LFL–Channel View Food +4.9%;investments in value and qualitydelivering volume growth ahead of the market Large4.1% Clothing +3.0%;strong womenswear performance Online10.2% Decline in home reflects transition to acommission model for toys with The Entertainer Strong growth in large and online; small decline inconvenience due to ongoing tobacco decline UK-Online. Sales growth1+10.2%;includes a c.3ppts contributionfrom Tesco Whoosh Improving customer satisfaction metrics Tesco Whoosh now in over 1,500 stores, includinglaunch into 42 large stores ROI. LFL sales +4.6%,driven by strong volumes;market share gains +29bps1 Food sales +5.0%,supported by ongoinginvestments in our fresh proposition Home & Clothing +0.9%,reflects transition to acommission model for toys with The Entertainer New space contributing +1.0%pts, driven byopening of 12 new stores Booker. Core Retail +0.9%;symbol brands1continue toperform well, whilst challenges in independentconvenience sector continue Core Catering +2.1%;supported by volume growthas customers responded well to our valueinvestments Continued decline in the tobacco market andongoing weakness in parts of the fast-food marketserviced by Best Food Logistics Central Europe. LFL sales +2.2%,driven by improved category mixand volume growth Food sales up +2.4%;volume-driven, due to positiveresponse to value & range investments Growth across all channels, with particularly stronggrowth in Supermarkets Group operating profit.On a continuing operations basis1 •UK & ROI •Strong volume growth in UK andROI, partially offsetby Booker trading challenges•Ongoing Save to Invest delivery, more thanoffsetting net operating cost inflation•Insurance and Money Services contributing c.3pptsto operating profit2 •Central Europe •Operating profit2recovery driven by improvedcategory mix and v

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