Tesco hails turnaround performance
Tesco has posted a 28.8% increase in full year pre-tax profit to £1.67 billion as the retailer moves closer to completion of its turnaround.
In the year to 23 February, revenue climbed by 11.2% to £63.9 billion after like-for-like sales in the UK and Ireland rose by 2.9%.
While sales at Tesco UK were up 1.7% on a like-for-like basis, sales in central Europe fell by 2.3% following a planned reduction in unprofitable general merchandise sales and a decision not to participate in Black Friday in the region.
Meanwhile, like-for-like sales were down 6.2% in Asia, although the region’s performance improved in the retailer’s fourth quarter.
Tesco chief executive Dave Lewis said the company had achieved or was about to meet the majority of its turnaround goals and that he was confident it would complete the process in the 2019/20 financial year.
He added: “I'm delighted with the broad-based improvement across the business. We have restored our competitiveness for customers - including through the introduction of 'Exclusively at Tesco' - and rebuilt a sustainable base of profitability.”
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