THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
• Omnichannel Futures Conference 2020
• Online Conversion Summit 2020
• Future of Retail Marketing 2020
• The HR Summit 2020
• AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Tesco posts uplift in profit after strong year

Tesco has posted an uplift in full year profit after seeing its group sales rise by 2.3% to £51 billion. Pre-tax profit climbed to £1.3 billion… View Article

FOOD & DRINK

Tesco posts uplift in profit after strong year

Tesco has posted an uplift in full year profit after seeing its group sales rise by 2.3% to £51 billion.

Pre-tax profit climbed to £1.3 billion in the year to 24 February from £145 million in the prior year while group operating profit before exceptional items rose by 28.4% to £1.64 billion.

UK like-for-like sales increased by 2.2% in the period as the retailer worked with its suppliers to mitigate price increases in the face “challenging” market conditions and continued cost price inflation.

The retailer attracted 260,00 more shoppers in the year.

Dave Lewis, Tesco chief executive, said: “This has been another year of strong progress, with the ninth consecutive quarter of growth. More people are choosing to shop at Tesco and our brand is stronger, as customers recognise improvements in both quality and value.”

Tesco said its own brand ranges had performed well with like-for-like sales growing at at 4.2% year-on-year. The retailer has embarked on a re-launch of over 10,000 own brand products across its entry, core and finest ranges, with the initial focus on ready meals and Italian products.

Looking at Tesco’s international markets, like-for-like sales in Central Europe edged up 0.3%. Meanwhile, like-for-like sales in Asia were down 10% following the retailer’s decision to withdraw from unprofitable bulk selling activities in Thailand and scale back mass couponing,

During the year, Tesco completed its merger with wholesaler Booker.

Lewis added: “I am delighted to have completed our merger with Booker, and we are moving quickly to deliver synergies and access new growth, making the most of the complementary skills in our combined business.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY