LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Tesco Resumes Dividend Payments; 1st Half Pretax Profit Rises Eight-Fold
Tesco PLC (TSCO.LN) reported Wednesday an eight-fold rise in first-half pretax profit and returned to the dividend list after a three-year hiatus.
The U.K.'s biggest grocer by market share made a pretax profit of 562 million pounds ($744.5 million) for the 26 weeks ended Aug. 26, compared with a pretax profit of GBP71 million a year earlier.
Group revenue rose to GBP28.3 billion, compared with GBP27.34 billion a year earlier, with comparable sales in the U.K. and Ireland growing 2.1%. Goldman Sachs had forecast revenue of GBP27.8 billion for the period.
Lawsuit Over Collapse of Haggen Grocery Chain Heads to Trial
A bankruptcy judge Wednesday said he wants to see the evidence of what led to the sudden collapse of Haggen Holdings LLC, a West Coast grocer that expanded swiftly in 2015, only to end up "destitute" within months.
Dealing a blow to Haggen's former owners, the private-equity firm of Comvest Partners, Judge Kevin Gross cleared the way to trial for a lawsuit by creditors left unpaid in the grocer's bankruptcy.
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