£1.6bn trading profit - reflecting good progress in UK and challenges in Europe
Interim dividend maintained at 4.63p
UK sales exc. petrol up +1.7%, with lower net new space contribution as planned
Sales supported by strong growth in online grocery: +13% in UK and +54% overseas
UK Food LFL improved to +1.0% in Q2; UK trading margin stable at 5.2%
Total UK LFL held back by initial work on transformation of general merchandise business, ahead of migration to higher-margin, higher-growth categories
Average large-store refresh sales uplifts between 3% and 5%, with improved margin
Q2 UK Clothing sales growth +8.6%
Strategic review in United States concluded with sale of Fresh & Easy to Yucaipa
Partnership formed with CRE giving Tesco 20% stake in China's leading food retailer
Consistent approach to future growth, capital discipline, returns and cash
