Supermarket Giant Tesco Returns To Profit As UK Sales Grow


Supermarket giant Tesco has hailed “significant progress” after reporting a return to profit and its first quarterly sales growth for three years.

The British grocery retailer reported a £162m statutory pre-tax profit for the year to 27 February with UK like-for-like sales up 0.9% in the fourth quarter, a substantial recovery from last year’s record £6.3bn loss.

Dave Lewis, the corporation’s chief executive, said: “Tesco is in a different place to the difficult place we were in 16 months ago.

“We have regained competitiveness in the UK with significantly better service, a simpler range, record levels of availability and lower and more stable prices. Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.”

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