Tesco has increased its 2026/27 group adjusted operating profit guidance to between £3.15bn ($4.16bn) and £3.30bn.
The new forecast compares with the £3bn to £3.3bn range issued in April.
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The updated guidance was issued alongside the UK supermarket chain’s interim results for the first half ended 29 August 2026.
Adjusted operating profit increased 6.5% to £1.78bn at actual rates, or 6.3% at constant rates.
Statutory operating profit rose 6.6% to £1.70bn.
Adjusted operating profit at actual rates was £1.55bn in the UK and Republic of Ireland, £163m at Booker, and £63m in Central Europe.
Group revenue, excluding VAT and including fuel, rose 3.7% to £37.35bn.
Sales excluding fuel increased 2% to £33.77bn, or 1.6% at constant rates.
Group like-for-like sales increased by 1%, while Booker, Tesco’s food and drink wholesale subsidiary, reported a 2.6% decline.
Statutory profit before tax increased 11.5% to £1.45bn. Statutory profit for the period reached £1.06bn, compared with £950m a year earlier.
Adjusted profit after tax rose to £1.10bn from £1.03bn. Adjusted diluted earnings per share increased 12.2% to 17.3p.
It also raised its current-year share buyback programme to £950m from £750m and increased financial year 2026/27 capital expenditure guidance to about £1.7bn from about £1.6bn.
The company said consumer confidence remained “relatively resilient” during the first half, although continuing geopolitical tensions created uncertainty.
Tesco CEO Ken Murphy said: “Our strong performance enables us to keep investing in the customer offer and the capabilities that will drive future growth. None of this would be possible without the hard work and dedication of our colleagues and suppliers, whose drive and commitment make a real difference for customers every day.
“Looking ahead, we’re excited to bring our new Christmas ranges to customers and help them enjoy a great festive season. By putting customers first and delivering against our strategic ambitions, we will continue to create long-term value for all our stakeholders.”
Tesco is due to publish its third quarter and Christmas trading statement on 14 January 2027.
