Home Business News Tesco announces soaring profits

Tesco announces soaring profits

by LLB Reporter
10th Apr 19 9:00 am

Tesco has announced soaring full year profits in an impressive turnaround, as the grocery chain has reported a 28.8% rise in annual pre-tax profits to £1.67bn.

Revenue grew 11.2% to £63.9bn and like-for-like sales grew by 2.9%, in the 53 weeks to 23 February, this includes a 1.7% hike at Tesco and 11.1% at Bookers.

Dave Lewis, chief executive 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.”

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.”

The group issued a final dividend of 4.1p, and a full year return of 5.77p per share.

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