NEWS

Tesco unveils first UK sales growth for eight years

Published on: 12th April 2017

Tesco has posted a 29.9% rise in group operating profits to £1.3bn.

Tesco480Group sales, which include its overseas operations, rose by 3.7% to £55.9bn in the year to February 25th. In the UK, like-for-like sales climbed by 0.9%, the first annual growth since 2009.

However, pre-tax profits fell to £145m from £202m after taking into account the £129m fine finalised this week with the Serious Fraud Office.

Dave Lewis, chief executive, commented: “Today, our prices are lower, our range is simpler and our service and availability have never been better. We have increased profits, generated more cash and significantly reduced debt. We are ahead of where we expected to be at this stage, having made good progress on all six of the strategic drivers we shared in October. We are confident that we can build on this strong performance in the year ahead, making further progress towards our medium-term ambitions.”

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