Business World

Friday 23 August 2019

Tesco profits jump by almost one third

(Nick Ansell/PA)
(Nick Ansell/PA)
Ellie Donnelly

Ellie Donnelly

Tesco has reported a 28.8pc rise in full-year pre-tax profits to £1.67bn (€1.9bn).

Revenue at the supermarket giant rose 11.2pc to £63.9bn (€74bn).

In the UK and the Republic of Ireland, like-for-like sales grew by 2.9pc, helping generate revenue of £51bn (€59bn).

Operating profit in the UK and Ireland was £1.5bn (€1.7bn).

Looking at Ireland, and like-for-like sales grew by 1.3pc last year across the group’s 152 stores, with sales growing across all food categories.

The group reported cost savings of £532m for the year.

CEO Dave Lewis said: "After four years we have met or are about to meet the vast majority of our turnaround goals. I'm very confident that we will complete the journey in 2019/20.

"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.

"I'm pleased that we are able to accelerate the recovery in the dividend as a result of our continued capital discipline and strong improvement in cash profitability."

(Additional reporting PA)

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