Tesco hails turnaround as full year profit surges 34%

World .
Tesco hails turnaround as full year profit surges 34%
  • Tesco reported a better-than-expected 34% rise in full year operating profit to £2.21bn
  • Analysts had expected Tesco to report operating profit before exceptional items of £2.08bn
  • Group sales rose 11.5% to £56.9bn
  • Tesco also recorded its 13th quarter of like-for-like sales growth with a 1.7% increase

For its financial year ending February 23, the Big 4 grocer reported a better-than-expected 34 per cent rise in full-year operating profit to £2.21 billion – ahead of analysts’ expectations of £2.08 billion and up from £1.64 billion recorded in the previous year.

Meanwhile, group sales rose 11.5 per cent to £56.9 billion and the supermarket giant recorded its 13th quarter of like-for-like sales growth in the UK, with a 1.7 per cent increase in the final quarter.On a full-year and group-wide basis, Tesco’s like-for-likes grew 1.4 per cent.

https://www.retailgazette.co.uk/blog/2019/04/tesco-hails-turnaround-as-full-year-profit-surges-34/

 

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