Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Tesco full year profit forecasts upgraded
Tesco [LON:TSCO] has published interim results today, with the grocer noting a strong outperformance during the first half which has resulted in full year profit forecasts being upgraded. That’s despite the company working on the basis of some of the elevated sales falling away as the economy normalises. The company also committed to a share buyback scheme and a progressive dividend policy.
#2. Topps Tiles profits expected to be slightly above consensus forecast
Topps Tiles [LON:TPT] published its Q4 trading update, covering the year to 2nd October. That made for a record year of sales as a drive for home improvements along with the broader economic rebound combined to bolster performance. The numbers impressed on a two year basis as well, with Q4 sales up by more than 20% on the 2019 figure. Profits are now expected to come in slightly above the consensus forecast of £13.6 million.
#3. Lookers increases its expectations for full year profits
Completing a trifecta of upgrades this morning, Lookers [LON:LOOK] published its Q3 trading update. The motor retail and after sales service company notes that in line with the sector, shortage of supply has kept new car prices elevated and driven demand for used cars, too. Despite the scale of the contraction – the UK new car market as a whole has shrunk by almost a third over the quarter – the board has increased its expectations for full year profits.